Competition between PMSI holder and Trustee in bankruptcy Sample Clauses

Competition between PMSI holder and Trustee in bankruptcy buyer In a PMSI context, what happens if the debtor enters into bankruptcy within the 15 day window in which the secured party has to register, which he does, but only AFTER the date of bankruptcy? (which occurred earlier in the 15 day period) trustee in bankruptcy: S 22 states that secured party with PMSI has priority over trustee in bankruptcy so long as they do eventually register the interest within the 15 day period (even if it occurs after the date of bankruptcy) S 22 extends super priority over trustees in bankruptcy (if properly registered/procedures complied with) Even though PMSI was unperfected at date of bankruptcy, so long as the secured party perfects it within the 15 day period, then they still have priority over trustee in bankruptcy BUT Innocent buyer without knowledge: if the goods were sold to an innocent buyer without knowledge within the 15 day grace period (i.e. but before the PMSI was registered) innocent buyer wins authority for this is s 20(b) = as the interest is “unperfected” If there was a regular SP in the mix as well would want to consider buyer rules. Wheatland Industrias Ltd v Baschuk  Must be “new” goods Facts: Owner of a piece of equipment wanted to get it repaired. Could not afford it. So it goes into a transaction where Owner sell it to W, W sells it back and reserves a security interest.
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Related to Competition between PMSI holder and Trustee in bankruptcy

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  • Master Servicer and Trustee Indemnification (a) The Trustee agrees to indemnify the Trust Fund, the Depositor, and the Master Servicer for any taxes and costs including, without limitation, any reasonable attorneys fees imposed on or incurred by the Trust Fund, the Depositor or the Master Servicer, as a result of a breach of the Trustee’s covenants set forth in this Article IX, subject, however, to the provision of Sections 8.01 and 8.02 of this Agreement.

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