PACA and PSA Super Liens and Their Impact on Real Estate Transactions
This article provides a brief background and explanation of PACA and PSA. For the level of nuance herein, PACA and PSA will be treated together because the two statutes are similar in nature, history and trust provisions, and while most of the case law interprets PACA, courts have recognized their similarity and have interpreted PSA in similar ways. This article discusses how they differ.
S.H. Spencer Compton is a vice president and special counsel at First American Title Insurance Co., New York Division, and has served in the same capacity since 2001 when he joined the pre-merger First American Title Insurance Co. of New York as a vice president. He also oversees all New York 1031 exchange transactions for First American Exchange Co.
Diane Schottenstein is a real estate attorney practicing in Manhattan for over twenty years. She has experience in office and retail leasing, financing, and the acquisition and sale of residential and commercial real estate.
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