Which types of proceeds does PMSI super-priority apply to when received on or before delivery?

The correct choice, which states that PMSI super-priority applies to instruments, chattel paper, and identifiable cash proceeds, reflects the specific nature of what qualifies as proceeds under a Purchase Money Security Interest (PMSI).

When a seller finances a buyer's acquisition of goods, they receive PMSI super-priority status, which allows them to have a higher claim to the collateral in the event of insolvency or defaults. This super-priority applies to certain types of proceeds received on or before delivery.

Instruments and chattel paper are specific types of personal property that are highly recognizable and easily identifiable, thus making them eligible for PMSI super-priority. Identifiable cash proceeds refer to cash that can be directly traced back to the sale of the secured goods. This emphasis ensures that the priority applies to the most liquid and easily verifiable forms of proceeds resulting from a PMSI transaction.

Understanding that PMSI super-priority is designed to protect sellers in securing their interests makes it clear why the other options do not fully capture the correct types of proceeds. For instance, cash proceeds alone is too narrow, and options mentioning real estate or general contracts do not pertain to the specific focus of PMSI super-priority provisions.