Document ID: chunk:federal_register_of_legislation:C2024C00719:section:63
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 63
Character Range: 152546–153795

63  Priority between competing purchase money security interests in collateral
  A perfected purchase money security interest (the priority interest) that is granted by a grantor in collateral or its proceeds to a seller, lessor or consignor of the collateral has priority over any other perfected purchase money security interest that is granted by the same grantor in the same collateral if the priority interest is perfected:
 (a) if the collateral is inventory that is goods—at the time the grantor, or another person at the request of the grantor, obtains possession of the collateral; or
 (b) if the collateral is inventory and is not goods—at the time the priority interest attaches to the collateral; or
 (c) if the collateral is not inventory, and is goods—before the end of 15 business days after the day the grantor, or another person at the request of the grantor, obtains possession of the collateral; or
 (d) if the collateral is not inventory, and is not goods—before the end of 15 business days after the day the priority interest attaches to the collateral.
Note 1: This section is subject to section 57 (perfection by control).
Note 2: The periods mentioned in paragraphs (c) and (d) may be extended by a court under section 293.