IL Bar Practice Questions - Illinois Bar Examination Exam

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Two secured parties both claim a perfected security interest in the same collateral. SP1 filed first; SP2 filed later but neither has a PMSI. Under the general Article 9 priority rule, who has priority?

SP2, because the later interest controls They share equally regardless of timing SP1, under the first-to-file-or-perfect rule Neither, because two parties cannot have interests in the same collateral

Correct Answer:

SP1, under the first-to-file-or-perfect rule

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