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Ch 30 2 Secured Transactions

Ch 30 2 Secured Transactions

Q So let's say YOU buy a SONY flat screen HDTV from Bset Buy on easy credit terms and sign a security agreement thereby giving Best Buy an automatically perfected security interest in these consumer goods. What you did not know, is that Best Buy purchased this item from SONY as inventory on credit. SONY made Best Buy execute a written security agreement AND a financing statement which was properly filed and perfected. ...in other words a Perfected Purchase Money Security Interest in all HDTV's sold to Best Buy. Should Best Buy default on its line of credit with SONY can SONY repossess the HDTV from little old you???? Why or why not???

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There can be repossession of the TV by SONY. However, I have to be informed about the PMSI (purchase money security interest) by the organizational managers of SONY. The PMSI informed to me must be associated with the HDTVs before the day of possession of the inventory taken by me. However, I can also be informed by the Sony managers on the day of possessions of the inventory taken by me. If I am not informed accordingly, the TV cannot be taken by SONY from me. However, in case of repossession of the HDTV by SONY from me, it would not be possible for SONY to do that.