Purchase Money Security Interests Part II: Discussions in Secured Transactions Podcast
The topic of this podcast is to identify when a purchase money security interest (“PMSI” or PIM-zee) has been created and to identify fact patterns that frequently appear on law school and bar examinations where it is significant that a security interest is a PMSI. Remember, a PMSI is simply a specific type of security interest. This podcast is the second of two covering PMSIs. Here is the first podcast.
On completion of the podcast, the student will be able to:
1. Define the rule of attachment under the rules of § 9-203.
2. Explain what a seller or lender must do under § 9-103 to create a PMSI.
3. State the importance of § 9-309 on a PMSI in consumer goods.
4. Discuss the exception to automatic perfection.
5. Discuss the superpriority rules of § 9-324.
6. Provide an example of the application of § 9-317.
7. Explain a priority contest with a judicial lien creditor or bankruptcy trustee.
8. Define the “yard sale” rule under § 9-320(b).
9. Describe the effect of priority rules for fixtures in § 9-334 if the security interest is a PMSI.