News & Analysis as of

Purchase Money Loans

Troutman Pepper

Can I Enhance My Prospects for Payment Through a Purchase Money Security Interest? - Creditor’s Rights Toolkit

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A seller of goods may gain priority over other creditors, and enhanced prospects for payment, by taking and perfecting a purchase money security interest (PMSI) in the goods sold to a customer. This article will explain what...more

Buchalter

Georgia Enacts Commercial Financing Disclosure Law, Mandatory Compliance Date January 1, 2024

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Georgia has enacted its own Commercial Financing Disclosure Law (“CFDL”) that is similar to California, Florida and New York’s disclosure laws. The Georgia CFDL applies to covered “Commercial Financing Transactions”...more

Lowndes

Purchase Money Financing: Not Just for Homeowners

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In recent years, many property owners have refinanced their mortgages to take advantage of low interest rates. When interest rates rise, buyers may prefer to assume a seller’s existing loan since new loans have higher...more

Foley & Lardner LLP

Uniform Commercial Code Protections Affecting Vendor Claims: Purchase Money Security Interests and Reclamation

Foley & Lardner LLP on

Dealing with a financially distressed customer requires both vigilance and creativity. Vigilance is critical because closely monitoring a customer’s payment history and overall financial situation will signal whether a...more

Moritt Hock & Hamroff LLP

The Realities of Accession Priority

Lenders often finance items that are installed in and/or affixed to their customers’ other leased or financed assets. When these items, known as “accessions,” are part of the transaction, they are usually “perfected” by the...more

Burr & Forman

After-Acquired Title Doctrine Held Applicable to Subsequent Purchaser

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In BCML Holding LLC v. Wilmington Trust, N.A., the purchaser of a property at an association foreclosure sale for unpaid assessments contended that the first mortgage was void ab initio because title to the property wasn’t...more

Williams Mullen

It’s a Bird, It’s a Plane, It’s . . . Super Priority! A Brief Primer on Purchase Money Security Interests

Williams Mullen on

What is a “Purchase Money Security Interest”? A “purchase-money security interest” (or “PMSI”) is a security interest securing a “purchase-money obligation”, or an obligation incurred by a debtor to buy collateral...more

Morris James LLP

U.S. District Court of Delaware Reverses and Remands A Bankruptcy Settlement Effected With No Notice

Morris James LLP on

On January 16, 2015, Chief Judge Leonard P. Stark of the United States District Court for the District of Delaware issued an opinion that reversed an order of the Delaware Bankruptcy Court that approved a settlement, and...more

Snell & Wilmer

A Non-Purchase Money Second Deed of Trust is Not Protected by Arizona’s Anti-deficiency Statute

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Arizona anti-deficiency laws do not prohibit a non-purchase money lender from suing on its note after foreclosure by a senior lender. In Wells Fargo Bank, N.A. v. Brewer, No. 1CA-CV 12-0383 (Ariz. Ct. App. May 21, 2013...more

Miller Starr Regalia

Popeye And Purchase Money Loans

Miller Starr Regalia on

In Enloe v. Kelso, 2013 WL 3357884 (2d Dist. 2013), the Second District Court of Appeal wrote a (characteristically) “short and sweet” opinion holding that the prohibition on obtaining a deficiency judgment under a deed of...more

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