The "first-in-time" rule means that an unperfected security interest takes priority over a perfected security interest if the unperfected security interest was attached first.

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The "first-in-time" rule generally means that the first to perfect a security interest has priority, not the first to attach. A perfected security interest typically takes priority over an unperfected one, regardless of the order of attachment.

The "First-In-Time" Rule Means That an Unperfected Security Interest Takes