PMSI requirements

O Security agreement o Attachment o Secure the transaction with goods purchased o Use the money for all or part of the purchase o Money must enable you to make the purchase  PMSI: requires a close nexus between the acquisition of collateral and the secured obligation. If the debtor acquires property but it was not secured, and then creates the security interest, not a PMSI.  North Platte Bank v. Production Credit (bought cows months before got money) • No PMSI because already had ownership so didn’t enable him to make the purchase  General Electric v. Spartan (Mercedes cars bought prior to money) • Course of dealing and performance was such that they purchased on credit and got the funds a few days later which was different then the cow case because it wasn’t months so it did enable them to get the goods because they would not have been able to without the agreement