Thomas and Pauline Are Two Secured Parties

question 11

Multiple Choice

Thomas and Pauline are two secured parties. Neither party has perfected their interests. Assuming a purchase-money security interest is not involved, who would prevail in a dispute?

• A) The party who attached its interest first will prevail.
• B) The party who loaned money first will prevail.
• C) Thomas and Pauline will divide the proceeds from the sale of the collateral evenly between them.
• D) The party who loaned the most money on the collateral has priority.
• E) The party who first notified the debtor of a missed payment has priority.

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