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58 Cards in this Set

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