Insight Report: Purchase-Money Security Interest (PMSI)
The purchase-money security interest (PMSI) is a valuable risk management tool for those who finance a debtor’s acquisition of goods. The PMSI provides the secured party with the first priority security interest in the purchase-money collateral, even if other creditors hold earlier-perfected security interests.
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Overview
Generally, compliance with PMSI perfection requirements simply requires the secured party to file a financing statement before the statutory deadline. However, some types of transactions require extra steps and added complexity that can create traps for the unwary lender.
When are PMSI notices required, who has to receive them, and what are some best practices when sending them?
In this insight report, by CSC Associate General Counsel Paul Hodnefield, you’ll get four steps to follow when sending PMSI notices, helping you better understand the PMSI notice requirements with respect to inventory collateral.