Wedney,Inc

question 43

Multiple Choice

Wedney,Inc.has a purchase money security interest in one of Yoro Chicken's meat processing machines.Wedney filed a financing statement on the day the machine was delivered,perfecting its interest.Great State Bank already had a security interest in the machine.Which party has superior priority rights in the meat processing machine?

• A) Wedney. A PMSI in collateral other than inventory takes priority over a conflicting security interest if the PMSI is perfected at the time the debtor receives the collateral or within 20 days after he receives it.
• B) Great State Bank, since it had an earlier security interest.
• C) The party who is first to repossess the collateral.
• D) The creditors have equal priority.

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Definitions:

Inference Forms

Patterns of reasoning where the conclusion logically follows from the premises.

MP

An abbreviation often used for "Modus Ponens," a form of argument in logic where from "If P then Q" and "P" one concludes "Q."

Inference Forms

Patterns of reasoning where a conclusion is drawn from premises based on logical principles.

Inference Forms

Patterns or structures of reasoning through which conclusions are drawn from premises based on logical principles.