The principle purpose of this article is to consider what happens under the scheme of bankruptcy preference law when a creditor obtains a security interest in the debtor's personal property in exchange for contemporaneous value and fails to promptly perfect it against certain third parties.

I. Introduction

II. Delayed Perfection and Preference Attack ... A. Section 547(e) ... B. Section 547(c)(1) and Substantially Contemporaneous Perfection ... 1. The Developing Case Law ... 2. A Proposed Solution

III. Conclusion