The Indiana Contract for the International Sale of Goods with Purchase Money Security Interest is a legal agreement that outlines the terms and conditions for the purchase and sale of goods in international transactions, specifically within the state of Indiana. This contract is governed by both the United Nations Convention on Contracts for the International Sale of Goods (CSG) and the Uniform Commercial Code (UCC), which are widely accepted international and federal frameworks respectively. Under this contract, two parties, usually a buyer and a seller, agree to the sale of goods across international borders. The contract specifies the details of the transaction, such as the identification and description of the goods, their quantity, quality, price, and delivery terms. It also includes provisions related to the payment terms, warranties, dispute resolution mechanisms, and the rights and obligations of both parties. Importantly, the Indiana Contract for the International Sale of Goods with Purchase Money Security Interest introduces the concept of a Purchase Money Security Interest (PSI). A PSI gives the seller of the goods a security interest or lien over the goods sold, which serves as collateral in case the buyer defaults on the payment. This mechanism provides protection to the seller, ensuring they have a legal claim on the goods until the buyer fulfills their payment obligations. There are two primary types of Indiana Contracts for the International Sale of Goods with Purchase Money Security Interest: 1. Conditional Sale Contract: In this type of contract, the goods are sold to the buyer under the condition that the seller retains a PSI in them until the full payment is made. The seller has the right to repossess the goods if the buyer fails to pay as agreed. 2. Security Agreement: This type of contract grants the seller a security interest in the goods as collateral against the buyer's debt. The seller can enforce this security interest in case the buyer defaults on their payment obligations. Both types of contracts aim to protect the seller's interests and ensure the buyer's commitment to completing the payment. They provide legal mechanisms for the seller to recover the outstanding payment or retrieve the goods if the buyer fails to fulfill their financial obligations. In summary, the Indiana Contract for the International Sale of Goods with Purchase Money Security Interest is a comprehensive agreement designed to govern international transactions involving the sale of goods in Indiana. It incorporates the principles outlined in the CSG and the UCC and introduces the concept of Purchase Money Security Interest to protect the seller's rights. The conditional sale contract and the security agreement are two common types of contracts within this framework.
Indiana Contract for the International Sale of Goods with Purchase Money Security Interest
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Purchase-Money Security Interest (?PMSI?): A security interest that arises when a seller or creditor extends credit for part or all of the purchase price of goods purchased by the buyer/debtor. Except in certain cases (e.g., automobiles), a PMSI is automatically perfected at the time of the credit sale.
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. Note: Consumer goods do not include vehicles subject to a certificate of title or fixtures.
In other words, a PMSI is created when a creditor loans money to a debtor to finance the purchase of certain goods. And in return, the debtor grants the creditor a security interest in those goods.
If a buyer of a consumer good subject to a purchase-money security interest later sells the good, the security interest will pass to the new buyer.
Possessing the Collateral to Perfect the Security Interest As a secured party, you can perfect your security interest in some types of collateral by possessing it. The types of collateral where the security interest can be perfected by possession are: goods. negotiable instruments (such as promissory notes and checks)
The secured party must be able to demonstrate that the borrower's credit was used to purchase the collateral. The PMSI must be perfected by filing a financing statement either before or within 20 days after the debtor receives possession of the collateral.
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 it wants a secured interest in.
Purchase-Money Security Interest (?PMSI?): A security interest that arises when a seller or creditor extends credit for part or all of the purchase price of goods purchased by the buyer/debtor. Except in certain cases (e.g., automobiles), a PMSI is automatically perfected at the time of the credit sale.