Pete Borrows $5,000 from Willy in a Secured Transaction Using

question 70

Multiple Choice

Pete borrows $5,000 from Willy in a secured transaction using Pete's BMW as collateral.Pete then borrows $7,000 from Janet using the same car as collateral.Neither Willy nor Janet perfects their security interests.Pete defaults on the loans.The party with priority is

• A)Willy,because his interest was the first to attach.
• B)Janet,because Pete owes her more money.
• C)Janet,because her interest was the second to attach.
• D)Willy,because Pete owes him less money.

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