) Having “priority” is so important to a secured party because there can be the extension of credit against the collateral obtained/achieved by the secured party. The economic targets can also be achieved if there is “priority” given the preference. There would be equilibrium in the conditions of the market. Financial institutions like banks can be considered to be secured parties. Hence, such bodies will always require more protection/security. This is because there will be the interest of the general public important to be considered for such bodies.