On Nov. 1, Bank loaned Kermit $1,000 to buy a banjo he wanted for his nightclub act, making him sign a security agreement and a financing statement. He bought the banjo on Nov. 15, and the bank filed the financing statement on the proper place on Dec. 5. Kermit filed his bankruptcy petition the next day.

If the bank's security interest was not a PMSI, but was a loan made on Nov 1 secured by equipment now owned or after acquired , with the banjo bought by Kermit (using his own money) and Nov 15, and the bank filing its financing statement on Dec 5, what result?

Not a PMSI. No PMSI superiority. Kermit purchased with his own money. Bank loses because they filed outside the 30 days. The trustee wins. I am not really sure. I believe 547(e)(2) applies. I am just not sure how.