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Question
Lena borrows from Mac and Nicol, using the same farm equipment as collateral for both loans. Only Nicol has a perfected security interest. Lena defaults on both loans. The party with first rights to the collateral isa. Lena.
b. Mac and Nicol, in proportion to Lena's debt to each.
c. Mac only.
d. Nicol only.
Answer
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