Inventory
Goods the grantor holds for sale or lease, or uses up in its business.
A PMSI over inventory must be registered before the customer takes possession, which is why suppliers register once against the customer, over all future supplies, when the terms are accepted. Inventory is a tick-box on the registration.
Related terms
- PMSI (purchase money security interest) — A security interest that secures the purchase price of goods, or a lessor's interest under a PPS lease; it can rank ahead of earlier registrations.
- Registration timing — The windows that decide whether a registration gets PMSI priority and survives s588FL.
Need this registered, not just defined?
Free check: am I covered?