priority

Question 1

general rule

Answer 1

first in time first in right

Question 2

general rule exceptions

Answer 2

BICOB

PMSI

Question 3

when does BICOB beat perfected SP?

Answer 3

buyer of goods from seller

during OCOB of seller

good faith without actual knowledge sale is a violation

Question 4

when does garage sale buyer beat perfected SP?

Answer 4

buys goods for personal use from another customer w/o knowledge of SI

SP can get priority by filing before this sale

Question 5

perfected SP v lien C?

Answer 5

perfected SP

Question 6

unperfected SP v lien c?

Answer 6

lien C

EXCEPTION: SP filed FS but yet to give value

Question 7

PMSI v lien C?

Answer 7

if perfected, SP wins

remember they get 20 days to perfect due to auto perfection

Question 8

PMSI in goods NOT inventory

Answer 8

super priority if SP perfects w/n 20 days of possession

Question 9

PMSI inventory

Answer 9

priority if perfected by time D gets possession + notice

Question 10

PMSI seller v PMSI lender?

Answer 10

PMSI seller

Question 11

SI v mechanics lien

Answer 11

Mechanics lien wins if

Effectiveness depends on possession
OCOB
statute doesn’t say opposite

Mechanics lien up to $1,000

Question 12

SP v SP

Priority over future advances

Answer 12

First to file or perfect

Question 13

SP v lien c

Future advances from lender

Answer 13

SP wins if the advance was made within 45 days of lien C creation

Lien c wins if after 45 days unless SP has no knowledge

Question 14

When does a buyer win with future advances after the sale

Answer 14

Sp has knowledge of b purchase

Advance made after 45 days of purchase

Question 15

General rule for buyers v SP

Answer 15

Unless SP authorizes sale free and clear, buyer takes subject to SI