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California Purchase Money Security Information

Category:
Statewide - Bureau of Real Estate - Subdivisions
State:
California
Control #:
CA-SKU-10067
Format:
PDF
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Description

Purchase Money Security Information
California Purchase Money Security Information (also known as PSI) is a type of information related to a loan taken out to purchase an asset. The information includes the amount of the loan, the interest rate, the repayment terms, and the amount of security pledged. It also includes the identity of the lender, the borrower, and the asset being purchased. There are two main types of California Purchase Money Security Information: Real Estate Purchase Money Security Information (RE PMI) and Chattel Purchase Money Security Information (CPI). RE PMI is used for loans taken out to purchase real estate, such as land and buildings, while CPI is used for loans taken out to purchase personal property, such as vehicles and furniture.

California Purchase Money Security Information (also known as PSI) is a type of information related to a loan taken out to purchase an asset. The information includes the amount of the loan, the interest rate, the repayment terms, and the amount of security pledged. It also includes the identity of the lender, the borrower, and the asset being purchased. There are two main types of California Purchase Money Security Information: Real Estate Purchase Money Security Information (RE PMI) and Chattel Purchase Money Security Information (CPI). RE PMI is used for loans taken out to purchase real estate, such as land and buildings, while CPI is used for loans taken out to purchase personal property, such as vehicles and furniture.

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FAQ

A purchase money security interest (PMSI) is an exception to the first-in-time rule. It gives secured creditors who meet its requirements a special advantage to jump ahead in line of other creditors with respect to certain collateral.

A security interest granted by a buyer of goods to the seller thereof that secures the deferred payment of the purchase price would generally be a PMSI, as would a security interest granted by a buyer to a lender that advances funds to the buyer to enable the buyer to buy goods from a seller to secure such advances.

A PMSI is automatically perfected when the security agreement attaches to collateral that is consumer goods. Consumer goods are goods primarily for personal use by the purchaser rather than for business use or resale.

A special type of security interest provided for under the Uniform Commercial Code (UCC) that enables a seller who sells goods on credit to obtain a superpriority security interest in the goods to secure the buyer's obligation to pay the deferred purchase price.

A car loan can be an example of a PMSI situation. A financial institution may agree to lend money to a borrower to finance the purchase of a new car. The bank can register its interest in the car as a PMSI because the loan funds are being directly used to buy the property they want a secured interest in.

PMSI stands for Purchase Money Security Interest as defined in Section 9-312 of the UCC. It gives secured PMSI creditors a distinct advantage over other creditors who perfected their interest first regarding purchase-money collateral.

To perfect a PMSI in inventory, the secured party must file a UCC-1 that identifies the goods sold as collateral. This filing provides notice to other interested parties that the secured party is in process of obtaining a PMSI in the borrower's personal property.

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More info

What Is a Purchase Money Security Interest (PMSI)? The term purchase money security interest (PMSI) refers to a legal claim that allows a lender to either repossess property financed with its loan or to demand repayment in cash if the borrower defaults.A purchase money security interest (PMSI) is an exception to the firstintime rule. Item 1 - 382 — A special type of security interest provided for under the. A purchase money security interest (PMSI) is a legal claim that allows a lender to repossess the collateral used to secure a loan. The purchase-money security interest, or a PMSI as it's sometimes called, is a very powerful risk management tool. Item 1 - 382 — A special type of security interest provided for under the. 440.9103 Purchase-money security interest; application of payments; burden of establishing. Sec. 9103. (a) The purchase-money security interest is perfected when the debtor receives possession of the inventory. (PMM); when a loan is made to purchase personal property, the lender may obtain a Purchase Money.

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