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Question
Pete borrows $5,000 from Willy in a secured transaction using Pete's BMW as collateral. Pete then borrows $7,000 from Janet using the same car as collateral. Neither Willy nor Janet perfects their security interests. Pete defaults on the loans. The party with priority isa. Willy, because his interest was the first to attach.
b. Janet, because Pete owes her more money.
c. Janet, because her interest was the second to attach.
d. Willy, because Pete owes him less money.
Answer
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Related questions
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