How is priority determined in the PPSA system?

1. Generally, priority is assigned to the debtor that first perfects their interest, who is also usually the first to register.

2. Generally, priority is assigned to the creditor that first perfects their interest, who is also usually the last and therefore the most recent to register.

3. none of the above.

4. Generally, no priority is assigned to creditors. There is usually enough to go around for all of them.

5. Generally, priority is assigned to the creditor that first perfects their interest, who is also usually the first to register.