Secured Transactions MEE

Question 1

PMSI seller

Answer 1

A PMSI in goods exists when secured party sold goods to the debtor and the debtor incurs an obligation to pay the secured party all or part of the purchase price

Question 2

PMSI perfection

Answer 2

A PMSI in goods other than inventory or livestock prevails over all other security interests in the collateral, even if they were previously perfected, if the security interest is perfected when the debtor receives possession of the collateral or within 20 days.