April 1, 2014 - O signs construction mortgage for construction of his home; Bank records construction mortgage August 15, 2014 - O signs permanent mortgage for purchase of newly?built home that covers home and all after?acquired property/fixtures;
Bank records mortgage October 15, 2014 - Sears allows O to purchase on credit a new hot water heater October 20, 2014 - O installs hot water heater October 22, 2014 - Sears files financing statement January 2, 2015 - O defaults on mortgage payment February 2, 2015 - O declares bankruptcy Discuss who will have priority in bankruptcy.
The construction mortgage is paid and irrelevant; Sears has a perfected PMSI - has priority over Bank's mortgage.
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