(l-r) Richard Tannenbaum, Alexis Leventhal, and Emily Costantinou of Reed Smith. Courtesy photos The Impact of Down Payments on Purchase Money Security Interests
A purchase money security interest (PMSI) under the Uniform Commercial Code (UCC) provides for an exception to the general "first in time, first in priority" financing statement filing structure for perfecting a security interest, since a PMSI will have priority over previously perfected security interests in the same collateral.
July 07, 2022 at 12:24 PM
6 minute read
Investments and Investment Advisory
A purchase money security interest (PMSI) under the Uniform Commercial Code (UCC) provides for an exception to the general "first in time, first in priority" financing statement filing structure for perfecting a security interest, since a PMSI will have priority over previously perfected security interests in the same collateral. See UCC Section 9-324. Specifically, Section 9-324 provides that a PMSI in goods has priority over a conflicting prior perfected security interest in the same goods so long as the lender complies with the UCC's rules for filing, timing and notice (for inventory financing).
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