Looking for the Issue and Analysis since Rule and Conclusion has been given. Thank you.

UCC Article 9 Priority: Non-Inventory PMSI

Issue 2:

Rule 2: When a creditor with a PMSI: (i) is perfected when a debtor takes possession or within 20 days thereafter; (ii) in collateral other than inventory; (iii) and any other creditor, the PMSI creditor takes priority up to the amount of purchase money.

Analysis 2:

Conclusion 2: Since Bank C failed to perfect their security interest, then other perfected creditors with an after-acquired clause will obtain rights in Bank C's collateral that are superior to Bank C's interest AND Bank C may not be able to realize the full value or possibly any value in their collateral.