Robert Borrows $500 from a Pawnshop,leaving His Class Ring as Collateral.Later,Robert

Multiple Choice

Robert borrows $500 from a pawnshop,leaving his class ring as collateral.Later,Robert borrows $200 from the bank.Robert signs a financing statement giving the bank a security interest in this ring.If Robert defaults on both loans,who has superior rights to the ring?

A) The pawnshop has superior rights,because it was the first security agreement.
B) The pawnshop has superior rights,because it was the first to perfect.
C) The pawnshop has superior rights,because the bank's interest is not perfected.
D) The bank has superior rights,because the pawnshop's security agreement is not in writing.
E) The bank has superior rights,because the pawnshop's interest is not perfected.