We are not aware of any deadline for filing a UCC financing statement for a purchase-money loan secured by farm or construction equipment. However, unless you file your financing statement within 20 days after the debtor receives the equipment securing the loan, you risk losing your priority over other creditors.

While the rules of priority often depend on the specific facts of each situation and the type of collateral covered by the financing statement, the general rule (with many exceptions) is that the first person to file financing statement has priority over other liens. 

If you file a financing statement within 20 days after the debtor receives delivery of the collateral, your security interest takes priority over the rights of any creditor that may arise between the time the security interest attaches and the time of filing.

For resources related to our guidance, please see:

• 810 ILCS 5/9-310 (“Except as otherwise provided in subsection (b) and Section 9-312(b), a financing statement must be filed to perfect all security interests and agricultural liens.”)

• 810 ILCS 5/9-317(e) (“Except as otherwise provided in Sections 9-320 and 9-321, if a person files a financing statement with respect to a purchase-money security interest before or within 20 days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing.”)

• 810 ILCS 5/9-322(a) (Describing priorities among conflicting security interests in the same collateral.)

•  810 ILCS 5/9-324 (“Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods….”)