Prairie State Bank v. Internal Revenue Service

I respectfully dissent. As the majority observes, the commentators who have considered this problem, including the Permanent Editorial Board for the Uniform Commercial Code, have all reached the conclusion that a creditor in the position of the IRS is not a “purchaser” within the meaning of A.R.S. § 47-9103(A)(4)(a). As these commentators understand the law, the IRS could not prevail over the Bank under the facts of this case. The Court of Appeals of Idaho, in Rockwell International Credit Corp. v. Valley Bank, 109 Idaho 406, 707 P.2d 517 (1985), arrived at a different conclusion by a close…