"When it's properly registered, it is then called perfection. It now establishes the secured parties priority to the property meaning if anybody lends money like a chattel mortgage against that secured collateral, the interest of that secondary lender would be subordinated to the first lender." With law regarding the personal property securities act, what does this statement mean by my professor? If someone lends money like a chattel mortgage against the secured collateral means what exactly? My understanding is that when having an attachment to a piece of property like a car, under registration if I owe money for that car, and get a loan for my house, I would have to pay off the car first then the house? Also not too sure how PMSI fits into here if at all, and what it is!