Comparative law notes
At least in the US, since typically any goods that are subject to a security interest (collateral) and that are sold to the purchaser will remain subject to the original secured party's security interest, the general effect of the arrangement is the same. In the United States, however, there are many exceptions to that rule for unperfected security interests - the good is a consumer good in the seller's hands, the buyer purchases for his or her own personal use, there was no knowledge of the security interest, etc.
