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58 Cards in this Set
- Front
- Back
Secured Creditor vs. Secured Creditor
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First to Attach
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Perfected Creditor vs. Secured Creditor
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Perfected Creditor
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Judicial Lien Creditor vs. Secured Creditor
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Judicial Lien Creditor
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Statutory Lien Creditor vs. Secured Creditor
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Statutory Lien Creditor
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Buyer for Value Taking Delivery vs. Secured Creditor
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Buyer takes free of the security interest
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BIOC (regardless of knowledge of security interest) vs. Perfected or Secured Creditors
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BIOC
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Perfected Creditor vs. Perfected Creditor
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First to file or perfect
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NNG
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Notice, No Grace; for a PMSI in Inventory (and chattel paper or instruments proceeds, but not accounts receivables absent new value given)
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GNN
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Grace (20 days after debtor's possession), No Notice for PMSI in Equipment (and proceeds)
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PMSI in non-inventory, perfected when debtor takes possession, or within 20 days after debtor has possession vs. Any Other Creditor
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PMSI in non-inventory up the amount of purchase money
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PMSI in inventory, perfected, giving timely notice via authenticated record with description of collateral and indication of security interest vs. Any Creditor
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PMSI in inventory up to the amount of purchase money
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True Consignor under Article 9 vs. Other Filing Creditors
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True Consignor under Article 9
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Seller's PMSI vs. Lender's PMSI
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Seller's PMSI
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PMSI in fixtures in debtor's real property, with timely fixture filing vs. Creditors in the Real Property
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PMSI in fixtures EXCEPT Construction Mortgagee
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PMSI in gonnabe fixtures or late-filing PMSI (over 20 days) vs. Prior Recorded Interests in Real Property
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Prior Recorded Interests in Real Property
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Non-PMSI in gonnabe fixtures or a PMSI in fixtures without timely fixture filing vs. Unrecorded Real Estate Interests
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Non-PMSI in gonnabe fixtures or late PMSI in fixtures
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Non-PMSI in fixtures or late PMSI in fixtures vs. Subsequently Recorded Real Estate Interests
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Non-PMSI or late PMSI in fixtures
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Prior Perfected Creditor in fixtures vs. Judicial Lien Creditor
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Prior Perfected Creditor in fixtures
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Creditor in Accession Collateral vs Creditor in Certificate of Title Goods
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Creditor in Certificate of Title Goods
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Perfected Creditors in Commingled Goods, regardless of date
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Prorata Split
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Perfected Creditor vs. Unperfected Creditor - Goods are Commingled
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Perfected Creditor
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Perfected Creditor in Investment Property by Control vs. Perfected Creditor in Investment Property by Filing
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Perfected Creditor in Investment Property by Control
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Perfected Creditors in Investment Property by Control
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First with Control
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Perfected Creditors in Deposit Accounts by Control
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First with Control
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Perfected Creditors in Deposit Accounts by Control vs. Bank
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Bank, unless Perfected Creditor changes account to be in his name
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Perfected Creditor with future advance clause in security agreement, who makes a future advance vs. Perfected Creditor without future advance
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Perfected Creditor with future advance clause who makes a future advance
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Creditors Perfected in Letter of Credit Rights by Control
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First with Control
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Perfected Creditor with Future Advance and late authentication of security agreement vs. Prior Perfected Junior Creditor
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Perfected Creditor with future advance
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Temporarily Perfected Creditor with Future Advance vs. Perfected Creditor
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Temporarily Perfected Creditor does NOT retain priority
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BIOC in good faith without knowledge vs. Creditor
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BIOC takes free of the security interest
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Buyer of non-inventory, without knowledge vs. Secured Creditor
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Buyer - unless creditor makes a future advance within 45 days without knowledge of purchase or makes a future advance as obliged
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Consumer Buyer purchasing from Another Consumer, without knowledge and without a filing vs. Creditor
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Buyer takes free of the security interest
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Buyer of negotiable instruments, documents of title or investment property, with control, with HDC status
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Buyer takes free of all Article 9 interests
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Statutory Lien Creditor with Possession vs. Prior Perfected Creditor
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Statutory Lien Creditor (unless statute holds otherwise)
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Prior Perfected Creditor vs. Judicial Lien Creditor
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Prior Perfected Creditor
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Perfected Creditor with Future Advance and no knowledge vs. Judicial Lien Creditor
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Perfected Creditor with Future Advance and no knowledge
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Article 2 Buyer with Possession and intention to reject or revoke
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Priority over all Article 9 interests
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Article 2 Seller stopping goods in transit or with possession and recalcitrant buyer
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Priority over all Article 9 interests
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Article 2 Seller with Insolvent Buyer vs. Perfected Creditor
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Perfected Creditor
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Article 2 Seller vs. Insolvent Buyer
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Article 2 Seller within 10 days (3 months with a misrepresentation of insolvency)
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Article 2 Seller with Bounced Check vs. Perfected Creditor
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Perfected Creditor
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Article 2 Seller to a Bankrupt vs. Bankruptcy Trustee
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Article 2 Seller given a written demand within 20 days after delivery
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Same Office Rule
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Proceeds do not require refiling in the same office to retain perfection
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Cash Proceeds Rule
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Refiling is required to retain perfection
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Cash Proceeds in a Bank Account vs. Bank's Right of Set-Off
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Bank's Right of Set-Off
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Is tracing of cash proceeds pursuant to statutory law or common law?
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Common law
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If Same Office or Cash Proceeds Rules do not apply, must the creditor re-perfect?
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Yes, within 20 days
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Goods Returned to Inventory
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The original security interest re-attaches, unless perfection was through possession
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Goods Returned to Inventory by Debtor's Repossession
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The Creditor does not re-perfect until the Debtor restores his own property rights
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General rule for priority in proceeds
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First to file or perfect prevails
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PMSI in inventory with notice vs Prior Perfected Creditor; fight is over proceeds in cash, chattel paper or instruments
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PMSI in inventory
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PMSI in inventory with notice vs. Prior Perfected Creditor; fight is over accounts receivable
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Prior Perfected Creditor, under first to file or perfect rule
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PMSI in inventory who gave notice vs. Chattel Paper Purchaser
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Chattel Paper Purchaser if (i) course of business (ii) gives new value and (iii) takes possession; even with knowledge
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PMSI in non-inventory with notice vs. Chattel Paper Purchaser
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Chattel Paper Purchaser if (i) course of business (ii) gives new value (iii) takes possession and (iv) no knowledge
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Creditor in Inventory vs. Debtor with returned or repossessed goods
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Creditor in Inventory
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Chattel Paper Purchaser or Accounts Receivable Purchaser vs. Future Creditors receiving returned / repossessed goods
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Chattel Paper Purchaser or Accounts Receivable Purchaser IF re-perfected within 20 days
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Chattel Paper Purchaser vs. Creditor in Inventory of returned / repossessed goods
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Chattel Paper Purchaser IF (i) course of business (ii) gave new value and (iii) took possession of the chattel paper
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Fixture Filing Requirements
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Regular filing requirements plus (i) indication that the filing covers specifically this type of collateral; (ii) indication that a financing statement will be recorded in real estate records; (iii) description of the real estate sufficient to give notice of a mortgage; and (iv) name of the record owner of the property if not the debtor
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