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Grace Period for Purchases Form

Grace Period for Purchases Form

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What is the purchase-money grace period? Well this is generally a 20-day period where by the seller of a good that's of a non consumer good or the lender to a debtor to purchase a non consumer good has a purchase money security interest in that good. And that purchase money security interest is temporarily perfected for a period of 20 days. Now if the secured party can file a financing statement within that 20-day period or seek some other method of perfecting their security interest, it may be that they can take possession of the property but this becomes an issue when there are already established security interest against all of the property of the debtor. So generally it's required that the secured party that provided the money to purchase these non consumer goods files a financing statement within this 20-day period. If they file it within the 20-day period then their temporary purchase money security interest becomes a permanent purchase money security interest and it dates back

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