A matured purchase money security interest in inventory or
livestock shall have priority over a conflicting security interest in the same
inventory or livestock in the following circumstances:
(a) where the purchase money security interest is matured on receiving
possession by the security giver of the inventory or livestock; and
(b) where, before the purchase money security interest holder files a notice,
the holder of the conflicting security interest had already filed a notice
covering the same types of inventory or livestock, and the purchase
money security interest holder has given notice in writing to the holder
of the conflicting security interest and the notice describes the inventory
or livestock, and states that the person giving the notice has or expects to
acquire a purchase money security interest in the inventory or livestock
of the security giver.