Food Service Equipment Co. v. First National Bank

Bell, Chief Judge.

1. As defendant filed its financing statement four days after plaintiff, the issue is whether defendant has a perfected purchase money security interest in the collateral so as to entitle it to a special priority over plaintiff’s claim under Code Ann. § 109A-9—312 (4), which provides: “(4) A purchase money security interest in collateral other than inventory has priority over a conflicting security interest in the same collateral if the purchase money security interest is perfected at the time the debtor receives possession of the collateral or within 10 days thereafter.” An…