Kansas General Form of Security Agreement in Consumer Goods - Purchase Money Security Interest

• Category: Contracts - Sale of Goods
• State: Multi-State
• Control #: US-0887BG
• Format: Word; Rich Text

Description

A purchase money security interest is a security interest or claim on property that enables a lender who provides financing for the acquisition of goods or equipment to obtain priority ranking ahead of other secured creditors. A purchase money security interest allows lenders to repossess goods that have been purchased with funds borrowed from them if the borrower defaults.