Oregon Contract for the International Sale of Goods with Purchase Money Security Interest
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How to fill out Contract For The International Sale Of Goods With Purchase Money Security Interest?
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FAQ
What is a PMSI? 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 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.
Ing to UCC Article 9, a purchase money security interest (PMSI) is a special type of security interest that enables those who finance a debtor's acquisition of goods to acquire a first priority security interest in the purchase-money collateral.
When a loan is made to purchase real property, the lender may obtain a Purchase Money Mortgage (PMM); when a loan is made to purchase personal property, the lender may obtain a Purchase Money Security Interest (PMSI).
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.
Except in certain cases (e.g., automobiles), a PMSI is automatically perfected at the time of the credit sale.
Article 9 of the Uniform Commercial Code (UCC) provides various methods for a secured creditor to repossess collateral after default. The method for obtaining possession depends on the nature of the collateral and, to some extent, how the security interest was perfected.
Common examples of arrangements that give the security interest holder a PMSI include: Secured property loans - where you enter into an agreement to lend money to finance the purchase of specific goods[?] (such as a car) that secure repayment of the loan.