Tools purchased on credit

Regarding the PMSI, look to the terms of the security agreement to see whether the one-to-one relationship between debt-to-collateral is preserved (ie did the 10/05 collateral also secure the loan given on 9/06? If so no PMSI) Look to state law for default terms if not spelled out in the agreement (eg in [...]

See the full article at Texas Bankruptcy Notes

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