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CONTINUATION Effectiveness of the Financing Statement Identified above with Respect to Security Interests of the Secured Party a  Form

CONTINUATION Effectiveness of the Financing Statement Identified above with Respect to Security Interests of the Secured Party a Form

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Instructions and help about CONTINUATION Effectiveness Of The Financing Statement Identified Above With Respect To Security Interests Of The Secured Party Authorizing This Continuation Statement Is

so what role does Perfection of a security interest play with regard to priority of the secured party uh well as we've discussed this relationship between a secured party and the debtor that the secured party um is owed money by the debtor and if the debtor doesn't pay that money then the secured party uh can sell the collateral the property that's uh securing that debt and priority is their priority to payment from the proceeds of the sell of that collateral okay so how does the Perfection of the security interest affect priority well generally it's like this the first party to perfect their security interest in that collateral has priority over parties who later perfect their security interest so um I perfect my security interest by filing on day one you perfect your security interest in the property by filing on day two okay or by taking possession of the property on day two well I've already established my security interest so I have priority

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