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LEARNING OBJECTIVES
- Understand the general rule regarding who gets priority among competing secured parties.
- Know the immediate exceptions to the general rule—all involving PMSIs.
- Understand the basic ideas behind the other exceptions to the general rule.
Priorities: this is the money question. Who gets what when a debtor defaults? Depending on how the priorities in the collateral were established, even a secured creditor may walk away with the collateral or with nothing. Here we take up the general rule and the exceptions.
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