Personal Property Security Act (PPSA)

Priority of Secured Creditors

Secured Party has prior claim to collateral over Debtor

Among Secured Parties, (same collateral)

First to register has priority

some exceptions:

- Purchase Money Security Interest (PMSI)

- Buyers in the ordinary course of business are not usually bound by previously registered security interests

Please give a real-life example of the priority of secured creditors, a real-life example of Purchase Money Security Interest (PMSI) that exception the priority of the creditor and a real-life example of Buyers in the ordinary course of business are not usually bound by previously registered security interests that exception of the priority of the creditor.