In this lesson, we’ll learn about a lien creditor’s position relative to a competing claimant to the same collateral.

I. Priority of Lien Creditors Generally

So far, we’ve learned that a perfected secured creditor has priority over an unperfected secured creditor and a general unsecured creditor. We’ve also learned that an unperfected secured creditor has priority over a general unsecured creditor. These rules apply regardless of who was first in time. Now, we’ll look at lien creditors, who...