LexisNexis ( July 26, 2018, 10:28 AM EDT) -- Under the familiar rules of the UCC, priority between two lenders will be given to the lender who filed first. UCC 9-322. However, a key exception to the general rule is that a purchase-money security interest has priority over an earlier-filed floating lien so long as the purchase-money lender jumps through the appropriate hoops. UCC 9-324. The rationale is that the PMSI adds value to the pool of collateral by financing the price of goods delivered or enabling the debtor to acquire rights in the collateral. UCC 9-103. In fact, the PMSI has always been a favorite of the law....