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According to UCC Article 9, a purchase money security interest (PMSI) is a special type of security interest that enables those who finance a debtor's acquisition of goods to acquire a first priority security interest in the purchase-money collateral.
A PMSI gives a retailer or supplier priority for collecting on debt when a borrower or buyer defaults. The goods sold in such cases serve as collateral that can be seized for nonpayment. For inventory goods, the lending party must notify other parties with potential secured interest claims as well as file a UCC-1.
A purchase money note, also called a purchase money mortgage, is an agreement between a seller and a buyer in which the mortgage is issued to buyer by the seller. This arrangement is also called owner financing.
A purchase money security interest (PMSI) is an exception to the first-in-time rule. It gives secured creditors who meet its requirements a special advantage to jump ahead in line of other creditors with respect to certain collateral.
A \u201cSECURITY AGREEMENT\u201d is an agreement that. creates or provides for an interest in personal property. that secures payment or performance of an obligation.
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Security interest is an enforceable legal claim or lien on collateral that has been pledged, usually to obtain a loan. The borrower provides the lender with a security interest in certain assets, which gives the lender the right to repossess all or part of the property if the borrower stops making loan payments.
What are security documents? The term \u201csecurity documents\u201d refers to docu- ments that incorporate specific elements intended to make them more difficult to counterfeit, falsify, alter or otherwise tamper with.
To perfect purchase money security interests in inventory, Section 9-324(b) requires that: The PMSI must be perfected at the time the borrower takes possession of the inventory. As such, the security agreement and value extended must occur before inventory is received.
A PMSI is automatically perfected when the security agreement attaches to collateral that is consumer goods. Consumer goods are goods primarily for personal use by the purchaser rather than for business use or resale.
The three requirements of: giving value, debtor rights in the collateral, and an authenticated security agreement apply to the most common types of collateral, such as equipment, inventory and even payments due under a contract.

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