Apparently, I need to spend another day or two on Commercial Paper and Secured Transactions...I wish everything was as easy as the "first to file" rule. Looking at the picture, I'm glad I remember that sometimes the secured party doesn't have to file the financing statement...damn exceptions! Maybe the secured party has possession or control of the collateral. Maybe it's automatically perfected and no filing is necessary (PMSIs for example). Or maybe the secured party is still within the four month grace period if the debtor or the goods are moved to a different state. Take that, bar exam!
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