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Purchase money security interest suppliers beware: tracing collateral proceeds is no sure thing.(NACM'S 110TH Credit Congress & Exposition)
When a supplier sells product to a financially distressed customer and obtains a purchase money security interest in the product and all proceeds to secure payment of its claim, the supplier has no assurance that it can recover from the proceeds of its purchase money collateral. The supplier's security interest continues in all identifiable proceeds arising from the customer's sale or other disposition of the supplier's goods. The problem, dear Watson, is in identifying such proceeds.
This is frequently at issue after the customer sells the purchase money supplier's inventory collateral, and commingles the proceeds with the proceeds of other parties' collateral ...
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- Magazine article from: Business Credit Mark, Lori June 1, 2004 700+ words
...Establishing a valid purchase money security interest (PMSI) in goods financed...PMSI is either: (1) a security interest in collateral to secure...s PMSI"); or (2) a security interest taken by a person who gives...
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- Magazine article from: The RMA Journal Weissman, Michael L. April 1, 2006 700+ words
...Cir. 2005) held that a purchase money secured creditor had to...Van Diest perfected a purchase money security interest. Hennings did not segregate...to Hennings secured by a security interest in Hennings' accounts...
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A Purchase Money Security Interest (PMSI) is the most common...creditor. A creditor perfects its security interest when it files a financing statement...the debtor granted the bank a security interest in virtually all of its assets...
- High Court Confirms The Importance Of Registering A Security Interest.(JS...
- News wire article from: Mondaq Business Briefing January 20, 2008 700+ words
...supplier of goods registering a purchase money security interest (PMSI) under the Personal...and as such amounted to a 'security interest' under the PPSA. Further, JSB's security interest was subject to ANZ bank's...
- Legal Update From the Law Firm of Pircher, Nichols & Meeks Los Angeles,...
- Press release article from: Business Wire June 24, 1999 700+ words
...extinguishing DeBerard's junior security interest. DeBerard then filed a...to a non-"standard" purchase money transaction (e.g...documents remained a standard purchase money transaction in the eyes...absence of a non-standard purchase money transaction. Upon a ...
- An Introduction to Revised UCC Article 9: Part 2.
- Magazine article from: Business Credit WEISE, STEVEN O. November 1, 1999 700+ words
...party can obtain a purchase-money security interest in intangible collateral...party may obtain a purchase-money security interest only in goods, with...exception permits a purchase-money security interest in software if the...
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- Magazine article from: Collections & Credit Risk Fagel, Allen J. February 1, 2002 700+ words
...a consignment is a purchase money security interest in inventory," but...s interest as a purchase money security interest is misleading. In...it differs from a purchase money security interest. Even though the...
- Seventh Circuit Says Secured Party[acute accent]s Signature Is Not Needed to...
- News wire article from: Mondaq Business Briefing October 17, 2002 700+ words
...Inc., which had a purchase money security interest in metal sold to Vic...statement to perfect a purchase money security interest in the metal it was...metal based upon its purchase money security interest because Vic had received...