Purchase-money collateral means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and
Purchase-money collateral means goods or software that secures a
Purchase-money collateral means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
More Definitions of Purchase-money collateral
Purchase-money collateral means goods or software that secures a purchase‑money obligation incurred with respect to that collateral.
Purchase-money collateral means goods or
Purchase-money collateral means goods or software
Purchase-money collateral means goods or software that secures a purchase- money obligation incurred with respect to that collateral.” KRS 355.9-103(1).
Purchase-money collateral means goods or software that secure a purchase money obligation. 9-103(a)(1). A “purchase money obligation,” in turn, is one incurred (i) as all or part of the price of collateral or (ii) for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so used. 9-103(a)(2). Example: Music Store Instruments sold to professionals do not qualify under 9-309(1) because the instruments are being used for commercial purposes. Instruments sold to amatuers would qualify under 9-309(1), but they should file a financing statement anyway because it’s cheap ($15) and because if the amateurs sell the instruments the buyers may take them free and clear (we’ll learn about this later). Choice of Law Under the UCC Generally Where the parties have selected the law applicable to their agreement, that law will apply where the law bears a reasonable relationship to that transaction. 1-301(a). In the absence of an agreement, the UCC of the forum that bears an appropriate relation to the transaction applies. 1-301(b). This governs any issue other than perfection, the effect of perfection or nonperfection, and priority. See 9-301 - 9-306.
Purchase-money collateral means goods or software that secure a purchase money obligation. 9-103(a)(1). A “purchase money obligation” is one incurred (i) as all or part of the price of collateral or (ii) for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so use. 9-103(a)(2). The Dual Status Rule Under 9-103(f), a PMSI does not lose its status as such even if (i) the purchase money collateral also secures an obligation that is not a purchase money obligation; (ii) collateral that is not purchase money collateral also secures the purchase money obligation; or (iii) the purchase money obligation has been renewed, refinanced, consolidated, or restructured. This means cross-collateralization does not destroy PMSI status. This statutorily overrules Southtrust’s requirement that there be a one to one relationship between the debt and the collateral.
Purchase-money collateral means goods ... that secure[] a purchase-money obligation incurred with respect to that collateral.” Id. § 9.103(a).