What are the two requirements for a PMSI creditor to achieve super-priority in inventory?

For a creditor to attain super-priority status with a Purchase Money Security Interest (PMSI) in inventory, it must satisfy specific conditions. The correct answer highlights that the PMSI must be perfected and that the creditor must notify any competing secured creditors.

Perfecting the PMSI involves taking the necessary steps to legally establish the security interest, typically by filing a financing statement in the appropriate jurisdiction. This perfection ensures that the PMSI is recognized over other security interests that may exist on the same collateral. Additionally, notifying any competing secured creditors is crucial because it allows them to be aware of the PMSI, which is particularly important in scenarios where multiple creditors may claim rights to the same inventory. Such notification helps to establish the PMSI creditor's claim as superior in the inventory, akin to a first-in-time, first-in-right rule.

The other choices do not include both of these critical requirements. Merely notifying the debtor or the court, signing an agreement, or taking possession of the collateral does not fulfill both conditions necessary for the PMSI super-priority status in inventory situations. Thus, the combination of perfecting the PMSI and notifying competing secured creditors is essential for achieving the desired super-priority.