Purchase Money Security Interest: Fill & Download for Free

Broadly speaking, purchase money security interest ('PMSI') is a security interest given to facilitate the grantor's purchase of the collateral to which the security interest relates. The simplest example is the retention of title ('ROT'), where the secured party sells goods to the grantor on conditional sale terms.

Some of my favourites are:Laches. That’s one thrown around in the election lawsuits. It means that delay in bringing legal action can result in people who relied upon your inaction to dismiss your suit even if you had an otherwise proper lawsuit. In the election lawsuits, the courts often ruled that they might have ruled in Trump’s favour if he had brought the lawsuit before votes were cast, but the people who cast the votes were entitled to believe they were acting legally because of the Trump campaign’s inaction.PMSI (pr. Pim-zee). An abbreviation for “Purchase Money Security Interest”. That’s money loaned to purchase something specific, like a vehicle, that isn’t subject to any GSA or “General Security Agreement” that gets security over all the assets owned by the same person or company.Prima facie - Latin for “first face”. In criminal law, you must have at least enough evidence to establish every element of a crime in order to proceed. If you’re missing evidence showing one element of a crime, the defendant is entitled to a dismissal.Setting down - the formal process for a party in a civil suit to move the matter to a trial. Setting down represents to the court that every step prior to trial has been completed and the case is ready to move forward. If it turns out not to be the case, any party seeking to take a pre-trial step needs permission of the court even before arguing that they should be entitled to relief.Decree nisi - a court declaration that they will grant a party relief unless the other party objects. It’s usually used in divorce law to give the other spouse one last chance to object to the divorce before it becomes final.

Holding Redlich Say…It is prudent for a motor dealer to register a security interest on the PPS Register in any vehicle it sells and delivers to a third party prior to receiving full payment for that vehicle. The interest should be registered prior to delivery.Typically, the type of interest that should be registered is a purchase money security interest (or PMSI) depending on the relevant contractual terms with thecustomer. A motor dealer with a PMSI may benefit from a ‘super-priority’ whichdefeats all other security interests in the vehicle, provided certain registration requirements (including the applicable timeframe for registration) have been complied with.Care needs to be taken though when registering security interests to ensure they are accurately registered as defective registrations may be ineffective. In this context, it is important that the dealer correctly identifies whether a PMSI is the appropriate type of security interest to register