2. Secured Transactions Overview of Priority Prepared by Professor Stephen L. Sepinuck © 2015 all rights reserved Overview of Priority

3. AttachmentPerfectionPriority Scope: § 9-109 Classify: § 9-102 Requirements: § 9-203 Description: § 9-108 Special Rules: § 9-204 Gov. Law: § 9-301 – 9-307 Method: §§ 9-309 – 9-314 Filing: §§ 9-501 – 9-510, 9-516, 9-108 Classify Claimants Analytical Method Overview of Priority

4. Classify Claimants Analytical Method Overview of Priority Debtor Secured Party Judicial Lien Creditor Debtor Secured Party Statutory Lienor Debtor Secured Party Secured Party Seller / Lessor Debtor Secured Party Debtor Secured Party Buyer / Lessee / Licensee

5. Overview of Priority Classify Claimants Analytical Method Overview of Priority Debtor AB C A vs. BB vs C A vs. CB vs D B vs. CC vs D Debtor AB CD A vs. B A vs. C B vs. C

6. Overview of Priority AttachmentPerfectionPriority Scope: § 9-109 Classify: § 9-102 Requirements: § 9-203 Description: § 9-108 Special Rules: § 9-204 Proceeds: § 9-315 Commingling: § 9-336 Gov. Law: § 9-301 – 9-307 Method: §§ 9-309 – 9-314 Filing: §§ 9-501 – 9-510, 9-516, 9-108 Proceeds: § 9-315 Commingling: § 9-336 Changes: §§ 9-316, 9-507 Classify Claimants PMSI Future Advances Locate Rules(s) Analytical Method Overview of Priority