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In this issue of Community Banker, we discuss purchases of money security interest “superpriority” in livestock.
Under Article 9 of the Uniform Commercial Code, the first-in-time perfected security party is ordinarily King of the Priority Hill; with few exceptions, the secured creditor that perfects its interest first will prevail over all other claimants to the same property of the debtor. This priority system rewards the prudent creditor who wins the computerized race to the Secretary of State’s filing office and is first to give notice to the world of its security interest. One of the few exceptions to the “first in time, first in right” rule is the superpriority provided to the lender with a perfected purcahse money security interest (PMSI) in livestock.
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