12 CFR §1266.8

1. (a)Except as provided in paragraph (b) of this section, notwithstanding any other provision of law, any security interest granted to a Bank by a member, or by an affiliate of a member, shall be entitled to priority over the claims and rights of any party, including any receiver, conservator, trustee or similar party having rights of a lien creditor, to such collateral.
2. (b)A Bank's security interest as described in paragraph (a) of this section shall not be entitled to priority over the claims and rights of a party that:
   1. (1)Would be entitled to priority under otherwise applicable law; and
   2. (2)Is an actual bona fide purchaser for value of such collateral or is an actual secured party whose security interest in such collateral is perfected in accordance with applicable state law.