Exam 30: Secured Transactions

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

The debtor has the right to request a confirmation of the unpaid debt or list of collateral without charge every six months.