WY Bar Practice Questions - Wyoming Bar Examination Exam

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A secured party perfected a purchase-money security interest (PMSI) in inventory. To obtain priority over a prior perfected security interest in the same inventory, the PMSI holder generally must perfect and:

Do nothing further, because a PMSI always wins automatically Wait one year after delivery Perfect before the debtor receives the inventory and send authenticated notice to the prior secured party Obtain the debtor's permission in open court

Correct Answer:

Perfect before the debtor receives the inventory and send authenticated notice to the prior secured party

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