FindLaw Legal Dictionary
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: completed in accordance with statutory procedure for giving notice and thereby having a status of priority over security interests that are the subject of such procedure at a later date or that are not the subject of such procedure [settling a priority contest between the two security interests]
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.