Personal Property Security Act (PPSA) Priority of Secured Creditors Secured Party has prior claim to collateral over
Question:
Personal Property Security Act (PPSA)
Priority of Secured Creditors
Secured Party has prior claim to collateral over Debtor
Among Secured Parties, (same collateral)
First to register has priority
some exceptions:
- Purchase Money Security Interest (PMSI)
- Buyers in the ordinary course of business are not usually bound by previously registered security interests
Please give a real-life example of the priority of secured creditors, a real-life example of Purchase Money Security Interest (PMSI) that exception the priority of the creditor and a real-life example of Buyers in the ordinary course of business are not usually bound by previously registered security interests that exception of the priority of the creditor.
Business Law Principles for Today's Commercial Environment
ISBN: 978-1305575158
5th edition
Authors: David P. Twomey, Marianne M. Jennings, Stephanie M Greene