Purchase Money Security Interest

This phrase covers a number of different things. It includes:

(a) a security interest taken in collateral, to the extent that it secures all or part of its purchase price;

(b) a security interest taken in collateral by a person who gives value for the purpose of enabling the grantor to acquire rights in the collateral, to the extent that the value is applied to acquire those rights;

(c) the interest of a lessor or bailor of goods under a PPS lease (essentially, a lease for more than one year);

(d) the interest of a consignor who delivers goods to a consignee under a commercial consignment.