A perfected security interest will always have priority over an unper?fected security interest in the same collateral.

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This concept is known as the "first to file" or "first to perfect" rule, which means that the first creditor to properly perfect their security interest will have priority over any subsequent creditors with an unperfected interest. This is based on the principle that a perfected security interest gives notice to the public that the creditor has a legal claim to the collateral, while an unperfected interest does not provide the same level of notice.

A Perfected Security Interest Will Always Have Priority Over an Unper?fected