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Lena Borrows from Mac and Nicol,using the Same Collateral for Both

question 69

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Lena borrows from Mac and Nicol,using the same collateral for both loans. Only Nicol has a perfected security interest. Lena defaults on both loans. The party with first rights to the collateral is


Definitions:

Continuous Probability Distribution

A function that describes the likelihood of any outcome within a continuous range of outcomes occurring.

Poisson Distribution

A statistical distribution describing the probability of a given number of events happening in a fixed interval of time or space, assuming events occur with a constant mean rate and independently of the time since the last event.

Mean

The average of a set of numbers, calculated by dividing the sum of all the numbers by the count of numbers.

Poisson Probability Tables

Tables that provide the probabilities of different numbers of events happening in a fixed interval of time or space, assuming these events occur with a known constant rate and independently of the time since the last event.

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