I have a question, We have a customer who currently has a UCC on all equipment. This customer is using purchase money to obtain another piece of equipment. Would this new piece of equipment fall under the UCC on all equipment or would we have to file a UCC for purchase money? Any help would be great.

Thanks,

Review your State's UCC § 9-324. PRIORITY OF PURCHASE-MONEY SECURITY INTERESTS or talk to your attorney.

To have purchase money priority, you have to be perfected within 20 days after the debtor takes possession of the collateral. You have to file a UCC to have a perfected security interest in equipment. If the prior UCC is in favor of your bank and is broad enough in scope to cover the new equipment and covers after-acquired property, you may not need a new filing.