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All Jurisprudence based

0 tracked cards Civil Law and Land Titles and Deeds

A debtor borrows PHP 8,000,000 from Bank Alpha and PHP 3,000,000 from Bank Beta, secured by a single movable collateral, a tower crane. Bank Beta files a Financing Statement under RA 11057 on January 6 but does not take possession. Bank Alpha takes actual possession on January 8 and stores the crane in its yard. The debtor defaults on January 20. Who has priority over the crane and why? Provide the governing rule and apply it to these facts.

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Bank Alpha — because possessory interests outrank filing even if filing occurred earlier in time, by virtue of the superiority of possession. Bank Alpha — because possession constitutes perfection and thus Alpha has priority since it physically controls the collateral as of January 8. Bank Beta — because under RA 11057 a financing statement perfects on the date of filing, and Beta perfected on January 6 before Alpha's possession on January 8. None of the above

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