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For many years it has been recognized that a present security interest
may be established in property to be acquired by the debtor in the
future. When the subsequent acquisition is in turn financed by a
purchase money transaction the question arises whether the lien of
the original mortgagee or that of the purchase money creditor has
priority. Professor Gilmore traces the historical priority given the
purchase money interest, the areas in which the priority has been
qualified, and the embodiment of the priority in the Uniform Conditional
Sales Act. He then describes some of the solutions and
raises some of the problems presented by Article 9 of the Uniform
Commercial Code, discussing the Code's treatment of the purchase
money interest in inventory, collateral other than inventory,
and fixtures. He concludes by urging that defects in the Code be
repaired in a uniform and careful manner rather than ignored or
denied through fear that such repair would hinder general adoption
of the Code.

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