perfected security interest

A security interest that complies with the statutory requirements for achieving priority over a trustee in bankruptcy and unperfected interests. • A perfected interest may also have priority over another interest that was perfected later in time. See PERFECT. [Cases: Secured Transactions 81–96, 138–145. C.J.S. Secured Transactions §§ 3, 50–51, 53–77, 88, 90–102, 105–107, 118.]