If two or more secured parties have perfected security interests in the same collateral,the last to perfect has priority.

Name: If two or more secured parties have perfected security interests in the same collateral,the last to perfect has priority.
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Question

Quizplus · Accepted Answer

In general, the rule is "first to file or perfect has priority" over others who claim a security interest in the same collateral. The priority is determined by who perfected their interest first, not last.

If Two or More Secured Parties Have Perfected Security Interests