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Securing Collateral Part 2: Purchase Money Security Interests: Taking Priority Over a Perfected Creditor

Sep 20 2:00 PM - Sep 20, 2022 3:30 PM
Sep 20, 2022 2:00 PM - 3:30 PM
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Your institution is at a disadvantage if you don’t understand the special rules regarding collateral. Make it a priority to understand how to properly take priority over another creditor with Part 2 of this two-part series.

Learning Objectives

  • Explain how your institution can obtain priority over an existing perfected creditor
  • Define the specific steps and timeframes that must be satisfied under UCC Article 9 to qualify for a priority purchase money security interest
  • Understand the special rules for different types of collateral
  • Identify the situations when your institution must give prior notice to existing creditors
  • Fight back against another creditor that claims a purchase money security interest over your existing perfected security interest

Part 2 of this two-part series will explain how your institution can obtain a priority purchase money security interest even though another secured party already holds an existing perfected security interest in the collateral. UCC Article 9 details the steps that must be taken and the timing that must be satisfied to obtain priority over an existing perfected creditor and the steps and time periods differ depending on the type of collateral. Don’t operate at a disadvantage by not understanding these special rules! Join us for a deep dive into purchase money security interests. 



Elizabeth Fast, Spencer Fane LLP

Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. 




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Please note: You may share the link with others at your credit union, however the confirmation will be sent to one primary contact at your credit union. It will be up to the primary contact to share the material with others.

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Lending & Collections
  • Compliance