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

question 59

Multiple Choice

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

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

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