(a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, N.M. Stat. Ann. Chapter 55, Article 9 as it existed before that date determines priority.

(b) For purposes of Subsection (a) of Section 55-9-322 N.M. Stat. Ann., the priority of a security interest that becomes enforceable under Section 55-9-203 N.M. Stat. Ann. dates from July 1, 2001 if the security interest is perfected under this act by the filing of a financing statement before that date which would not have been effective to perfect the security interest under N.M. Stat. Ann. Chapter 55, Article 9 as it existed before July 1, 2001. This subsection does not apply to conflicting security interests, each of which is perfected by the filing of such a financing statement.