Priority

Question 1

Unsecured creditors

Answer 1

Do not have rights against property, just against debtor personally

Question 2

Perfected v. Unperfected

Answer 2

Perfected has priority

Question 3

Unperfected v. Unperfected

Answer 3

First to attach wins

Question 4

Perfected SI v. JLC

Answer 4

Perfected wins

Question 5

Unperfected SI v. JLC

Answer 5

JLC wins.

Except when debtor has authenticated SA, statement has been filed but just waiting on SP to give value

Question 6

Statutory lien v. SI

Answer 6

Statuary lien wins no matter what if

1) The effectiveness of the lien depends the lienholder’s possession of the goods

2) The lien secures payment or performance of an obligation for services or materials furnished during the ordinary course of a persons business

3) The statue does not provide otherwise

IN Virgina, a mechanic has a possessory lien over priority that the mechanic has serviced but only for first 1,000