BUSINESS LAW!!
Mary is a seller of electric generators. He purchases a large number of generators from a manufacturer, SmithCorp., by making a down payment and signing an agreement to make the balance of payments over a period of time. The agreement gives Smith Corp. a security interest in the generators and the proceeds. Smith Corp. files a financing statement on its security interest. Mary receives the generators and immediately sells one of them to Ann with payment to be made in 12 equal installments. At the time of sale, Smith Corp knows of Mary's security interest. Two months later, Mary goes into default on his payments to Smith Corp.
Discuss Mary's rights against Ann and Smith Corp.
SmithCorp has a security interest in the generator it supplied to Mary as a second party. The generator is a collateral under UCC 9-102(a)(12) and as long as SmithCorp files has filed its perfected security interest first, it will have priority in taking the collateral from Ann.
If SmithCorp’s and Mary’s liens were both perfected, then the first to file or take possession of the collateral has priority under UCC 9-322(a)(1). UCC 9-322(a)(3), the first of unperfected security interests to attach has priority.
An exception that SmithCorp needs to be aware of is under UCC 9-320(a), wherein a buyer (Ann) of goods in the ordinary course of the Seller’s (Mary) business, the buyer prevails over a secured party’s (SmithCorp) interest, even if perfected and even if the buyer knows of the security interest.
BUSINESS LAW!! Mary is a seller of electric generators. He purchases a large number of generators...
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