Fact Pattern 30-1B (Questions B15-B16 Apply)

question 41

Multiple Choice

Fact Pattern 30-1B (Questions B15-B16 apply)
Resource Drilling Company buys equipment for use in its operations, borrow?ing $1 million from Security Finance Corporation for a security in?terest in the equipment. The next day, Resource Drilling borrows $500,000 from Touchstone Loans, also for a security interest in the equipment. Resource Drilling defaults on both loans.
-Refer to Fact Pattern 30-1B. Suppose that Security Finance perfects its se?curity in?ter?est when Resource Drilling takes possession of the equipment. In that cir?cum?stance, the party with pri?ority to the collateral on Resource Drilling's default would be

• A) Resource Drilling.
• B) Security Finance and Touchstone Loans proportionately.
• C) Security Finance only.
• D) Touchstone Loans only.

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Definitions:

Black Cohosh

A herb often used to manage symptoms of menopause and menstrual discomfort due to its supposed estrogen-like effects.

Tricyclics

A class of antidepressant drugs used primarily for the treatment of major depression and other mood disorders.

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A process by which neurotransmitters are reabsorbed by a neuron after being released into the synaptic cleft, influencing neural communication.

Norepinephrine

A neurotransmitter and hormone involved in the body's fight or flight response, also implicated in mood regulation.