Elevator Co. Elevator Co. wants to finance the acquisition, but it will do so only if it is assured that its security interest will have priority over any claim of Bank. Under state law, the elevator will be a fixture. None of the methods listed above will give Elevator Co. priority. First Bank has a security interest in Marie's inventory. At the end of 12 months, lessee has the option to buy the machine for one dollar.
Lessor files a financing statement describing the transaction as a lease.
ABC Motors, Inc. operates a used car lot. ABC told Trump it was interested in fixing up and selling the Corvette but lacked the cash for the purchase. Trump then sold the car to ABC on credit and ABC gave Trump a security interest in the Corvette. ABC is trying to sell it for me. On August 1, ABC declared bankruptcy.