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Dexter, a car dealer for Mazda purchases his inventory from Mazda Motor Corp. He gives Mazda Motor Corp. a purchase money security interest in his
Dexter, a car dealer for Mazda purchases his inventory from Mazda Motor Corp. He gives Mazda Motor Corp. a purchase money security interest in his present inventory of Mazda cars and all after acquired inventory. Which of the following statements is accurate?
a. A buyer of a new Mazda will take subject to the security interest as long as Mazda Motor Corp files a financing statement.
b. A buyer of a new Mazda takes free from the security interest
c. The security interest will expire after one year.
d. None of the above is correct
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