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All Jurisprudence based

0 tracked cards Civil Law and Land Titles and Deeds

A debtor Manny borrows PHP 2,500,000 from Bank Delta and PHP 1,500,000 from Bank Gamma, secured by a single movable collateral, a portable generator. Bank Gamma files a Financing Statement under RA 11057 on January 9 but does not take possession. Bank Delta takes actual possession on January 11 and stores the generator in its yard. The debtor defaults on both loans. Who has priority over the generator and why? Provide the governing rule and apply it to these facts.

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First to attach governs priority; the later perfection cannot defeat an earlier attachment. Bank Gamma and Bank Delta have co-equal rights because both have perfected interests and there is no tie-breaker in RA 11057. Bank Delta has priority because possession constitutes perfection and outruns a later filing. Bank Gamma has priority because perfection by filing on January 9 is earlier than Bank Delta's possession on January 11.

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