automatic perfection

The self-operative perfection of a purchase-money security interest without filing or without possession of the collateral.

• The security interest is perfected simply by the attachment of the security interest, without any additional steps. See purchase-money security interest under SECURITY INTEREST. [Cases: Secured Transactions 83, 146. C.J.S. Secured Transactions §§ 10, 55, 103–105.]

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词条贡献者

法律翻译William，毕业于法国一流的高级翻译学院，擅长翻译有关农业和食品领域的法律文件。