First Interstate Bank of Utah, N.A. v. Internal Revenue Service, and Olympus Glass Company, Inc.

ALDISERT, Circuit Judge.

This appeal from the district court’s af-firmance of the bankruptcy court’s order requires us to interpret Utah Code Ann. § 70A-9-107(b), which provides that:

[a] security interest is a purchase money security interest to the extent that it is ... taken by a person who by making advances or incurring an obligation gives value to enable the debtor to acquire rights in or the use of collateral if such value is in fact so used.

First Interstate Bank of Utah, N.A., the appellant, argues that it obtained a purchase money security interest in certain accounts receivable when…