A purchase-money security interest (PMSI) in consumer goods is perfected automatically at the time the PMSI is created.

Name: A purchase-money security interest (PMSI) in consumer goods is perfected automatically at the time the PMSI is created.
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Question

Quizplus · Accepted Answer

According to the Uniform Commercial Code (UCC) Article 9, a purchase-money security interest in consumer goods is perfected automatically upon attachment (creation) without the need for filing or taking any other steps to perfect the security interest.

A Purchase-Money Security Interest (PMSI) in Consumer Goods Is Perfected