Seventh Circuit -- Caterpillar Financia v. Peoples Nat

Posner quotes "As You Like It," writes secured transactions opinion -- viz:

Two creditors claimed an interest, second one held a good note subordinating a third's interest -- but that note subordinated the holder's interest to the other original creditor.  So it's arguing for partial subordination. Incidental arguments on PMSI and SIV fall by the wayside.  No partial subordination, says Posner, since a note holding that the priority order is ABC can't result in a priority order of  BAC or BCA , even given lost quarto suggesting BAC.

Caterpillar Financia v. Peoples Nat