Section 10 Perfected Interests in the Same Collateral Generally

• Library: Secured Transactions 2005

Section 400.9-322(a)(1), RSMo Supp. 2004, codifies the “first in time” principle to give priority to the first security interest perfected or for which a financing statement is filed, whichever occurs earlier. A financing statement can be filed before perfection if the debtor has not obtained an interest in the collateral, such as when the financing statement is filed before the loan is funded or the security interest covers property the debtor has not yet purchased. Dean Mach. Co. v. Union Bank, 106...