A PMSI is created in goods when a seller retains a security interest in the goods sold on credit by a security agreement.

Name: A PMSI is created in goods when a seller retains a security interest in the goods sold on credit by a security agreement.
Brand: Quizplus
Rating: 4.8 (28 reviews)

Question

Quizplus · Accepted Answer

A Purchase Money Security Interest (PMSI) arises when a seller retains a security interest in the goods sold on credit, securing the obligation of the buyer to pay the purchase price. This is typically documented in a security agreement.

A PMSI Is Created in Goods When a Seller Retains