- PMSI & Bankruptcy Claims: Overview
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PMSI & Bankruptcy Claims: Overview
- Know Your Responsibility
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Know Your Responsibility
- Understanding Value of Security & Collateral
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Understanding Value of Security & Collateral
- Priority of Creditor’s Claims
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Priority of Creditor’s Claims
- Benefits of Secured Transactions
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Benefits of Secured Transactions
- Types of UCC Filings: Blanket & PMSI
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Blanket UCC Filings
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Purchase Money UCC Filings
- PMSI: The Value of Repossession
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PMSI: The Value of Repossession
- Two Important Elements
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Security Agreement
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Financing Statement or UCC-1
- Opportunities to Take Security
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New Customers and Security
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Existing Companies and Security
- Disposition of Tangible Collateral
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Disposition of Tangible Collateral
- Q&A : Open Discussion
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Q&A : Open Discussion
- Certificate and Feedback
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Assessment
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Certificate and Feedback
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PMSI & Bankruptcy Claims: Understanding Priority
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- Lesson Overview
Creditor 1 - “I’ve filed in my UCC-1. Phew! I just secured $97,000 worth of credit with Acme Corp.”
Creditor 2 - “I’ve perfected my PMSI. I just secured $133,000 worth of credit with Acme Corp.”
Bankruptcy Court- “Since, Creditor 1 just filled the PMSI and not perfected it, the court concludes that Creditor 2 takes the first priority over the PMSI through the general rule of "first to perfect", "first in line".
The above case puts the former creditor in a situation where they cannot have priority over the debtor's assets in bankruptcy. To obtain priority, the secured party must comply with the UCC perfection and notice requirements. Jerry Bailey from NCS Credit reviews those requirements and explains how to identify and avoid potential traps for the unwary PMSI secured party!!
Key Takeaways:
- What is the right time to perfect a Purchase Money Security Interest?
- Why PMSI perfection shouldn’t be delayed?
- How does a creditor stay compliant with the UCC Article 9 PMSI requirements?
RECOMMENDED FOR YOU
PMSI & Bankruptcy Claims: Understanding Priority
Watch this course to find the exclusive rules on how to avoid pitfalls in PMSI filing and gain priority over other creditors in bankruptcy!
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