Citizens Bank v. Federal Financial Services, Inc.

Beasley, Judge.

On stipulated facts, Federal Financial Services, Inc., sought a judgment declaring that it has a purchase money security interest with priority over the earlier perfected security interest of Citizens Bank of Americas in the same logging skidder. The court entered judgment in Federal Financial’s favor. The bank appeals.

Where conflicting security interests are perfected by the filing of financing statements, 1 the general rule under OCGA § 11-9-312 (5) is that they rank according to priority in time of filing. But under OCGA § 11-9-312 (4), a purchase money security interest in…