Priority

Question 1

General priority

Answer 1

1- Buyer in Ordinary Course
2- Perfected Attached Creditor
3- Lien Creditor
4- Non-Ordinary Course Buyer
5- Attached Unperfected Creditor
6- General Unsecured Creditor

Question 2

Early filing

Answer 2

OK even at onset of loan negotiations

Must have filed first and later attached

Question 3

PMSI v. AACF PAC with equipment as collateral

Answer 3

PMSI has priority if it files properly within 20 days of debtor taking possession

Question 4

PMSI v. AACF with inventory as collateral

Answer 4

PMSI has priority if:

files properly before debtor takes possession

AND

notifies AACF PAC before debtor takes possession