Priority Rules

State Specific Training OnDemand Program

In this program you will learn about Priority Rules as defined by the Uniform Commercial Code adopted by your state. When more than one person claims a security interest in collateral, the Codedecides who has priority on the basis of each person's status. We will review the rules of priority, how to establish, keep and maintain your position.

Highlights

• The general rule of priority, among perfected creditors, is the "First to File or Perfect" rule. Understand why it is the best rule to use and the depth of its application. You should also know why, in most cases, it is better than a purchase-money security interest.
• Purchase-money security interest, how to properly obtain a PMSI lien and when to do so.
• Priority among perfected creditors - as affected by terms of security agreement. Why a person with a second lien may not know the dollar amount of the first lien.
• Priority among Article 9 perfected creditors and other claimants. A perfected security interest (a perfected lien) vs. the IRS, trustee in bankruptcy, judicial lien creditors, and buyers. What you must do to protect your position.

Training OnDemand Computer Requirements

• Broadband Internet Access
• Windows Media Player
• Speakers