Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if, by a consensual transaction, a person acquires an interest consisting of:
(a) a negotiable instrument; or
(b) an interest in a negotiable instrument.
(2) The interest of the person in the negotiable instrument has priority over a perfected security interest in the negotiable instrument if:
(a) the person gave value for the interest; and
(i) in the case of a person who acquired the interest in the ordinary course of the person's business of acquiring interests of that kind--acquired the interest without actual or constructive knowledge that the acquisition constitutes a breach of the security agreement that provides for the security interest; or
(ii) otherwise--acquired the interest without actual or constructive knowledge of the security interest; and
(c) the person took possession or control of the negotiable
instrument.