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The Purchase Money Priority

By Grant Gilmore


For many years it has been recognized that a present security interestmay be established in property to be acquired by the debtor in thefuture. When the subsequent acquisition is in turn financed by apurchase money transaction the question arises whether the lien ofthe original mortgagee or that of the purchase money creditor haspriority. Professor Gilmore traces the historical priority given thepurchase money interest, the areas in which the priority has beenqualified, and the embodiment of the priority in the Uniform ConditionalSales Act. He then describes some of the solutions andraises some of the problems presented by Article 9 of the UniformCommercial Code, discussing the Code\u27s treatment of the purchasemoney interest in inventory, collateral other than inventory,and fixtures. He concludes by urging that defects in the Code berepaired in a uniform and careful manner rather than ignored ordenied through fear that such repair would hinder general adoptionof the Code

Topics: Law
Publisher: Yale Law School Legal Scholarship Repository
Year: 1963
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