Understanding Purchase Money Security
Summary
Purchase Money Security Interest (PMSI) is a legal concept under the Uniform Commercial Code (UCC) that gives lenders priority over other creditors for claims against specific collateral purchased with borrowed funds. This ensures that the lender who financed the purchase of the collateral has a superior claim to it in case of default. If you have questions or a specific situation involving PMSI, consulting with a commercial law attorney can provide tailored advice.Full Conversation
Explain PSMI
Hi Simon! PSMI stands for "Premises Security Maintenance Insurance." It typically involves insurance policies that cover liabilities arising from accidents or injuries occurring on a property due to inadequate security measures or maintenance. If you need more details or have a specific issue related to PSMI, feel free to ask!
What about PMSI
PMSI stands for "Purchase Money Security Interest." It's a legal term used in secured transactions under the Uniform Commercial Code (UCC). It allows a lender to have priority over other creditors in claims against a specific piece of collateral bought with the loaned funds.
Do you have a specific situation or question related to PMSI?
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