Purchase-money security interest

{
  "id": "MLC-T-LAW-004044",
  "term": "Purchase-money security interest",
  "field": "Law",
  "definition": "A security interest taken by a seller of collateral to secure its price, or by a lender who advances funds enabling a debtor to acquire rights in or use of the collateral. This type of security interest has priority over other security interests in the same collateral if perfected correctly. Article 9 of the Uniform Commercial Code governs its creation and priority.",
  "url": "https://mlchart.com/terminology/law/purchase-money-security-interest/"
}