Cases decided recently in Florida and Illinois call into question one legal rule that some might have thought well-settled: a first-perfected security interest in collateral beats a later-perfected lien creditor's interest in that same collateral. Seems simple enough. Except this rule might not be followed in every State.
USA, Banking, Insolvency & Restructuring, Litigation, Burr & Forman LLP, Collateral (finance), Secured creditor