Sec Trans

Question 1

Super-creditor status – PMSI

Answer 1

P- Purchase
M- Money
S- Security
I- Interest

Question 2

Attachments requirements – ARV

Answer 2

A- security Agreement
R- Rights in collateral
V- Value given by creditor

Question 3

Ways to perfect – (Perfection Calls For Many Things) – PCFMT

Answer 3

P- Possession of collateral
C- Control
F- Filing a financing statement
M- Mere attachment if PMSI in consumer goods
T- Title certificate notation

Question 4

Exceptions to priorities – RAP

Answer 4

R- Retail inventory buyer
A- Adding value to collateral
P- Preferential bankruptcy interest avoided