Two priority issues arise between creditors of a common debtor:

So, you’re a lender who has a perfected security interest in a large pile of limestone aggregate at a cement plant. Another lender has a perfected security interest in a pile of clay at that same plant. The aggregate and clay are crushed, and then ground and blended with other ingredients, before being heated in a kiln to produce a substance called “clinker”.

Two’s company when it comes to debt funding. Surely, three makes things a little crowded? It doesn’t have to be that way.

Introduction

Introduction

Introduction

Introduction

Introduction

Introduction

Introduction