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Question
Carter sold a $20,000 boat to Davis on credit for personal use. As part of the deal, Davis completed an installment note payable to Carter and a security agreement giving Carter a security interest in the boat which was attached on July 1. Carter never filed a financing statement. On August 1, Davis borrowed $15,000 from Bank, by completing a security agreement giving the Bank a security interest in the boat. This interest attached on the same day and the Bank filed a financing statement on August 6. Davis defaulted on both his installment payments to Carter and his loan obligation to the Bank. Each of these parties wants to satisfy Davis's obligation by repossessing and selling the boat. Whose security interest in the boat has priority and why?
A. Bank's interest has priority because Carter never filed a financing statement.
B. Carter's interest has priority because his security interest was perfected before Bank's interest.
C. Bank's interest has priority because Carter failed to attach his security interest.
D. Bank's interest has priority because the Bank perfected the interest within ten days after Davis received the collateral.
Answer
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