Purchase-money collateral

{
  "id": "MLC-T-LAW-004043",
  "term": "Purchase-money collateral",
  "field": "Law",
  "definition": "Goods or software that secure a purchase-money obligation, meaning a debt incurred to pay all or part of the price of that same collateral or to give value that lets the debtor acquire rights in it. The debt and the collateral must correspond, so a car bought with a loan secured by the car is purchase-money collateral. Under UCC section 9-103 such collateral can support a purchase-money security interest with special priority.",
  "url": "https://mlchart.com/terminology/law/purchase-money-collateral/"
}