First Bank Loaned $400,000 to Thomas,taking a Security Interest in His

Multiple Choice

First Bank loaned $400,000 to Thomas,taking a security interest in his yacht.Thomas defaulted on the loan and First Bank repossessed the boat.First Bank sold the yacht at a public sale.The sale yielded $50,000 more than the debt.First Bank

A) must pay Thomas the $50,000.
B) is entitled keep the $50,000.
C) must share the $50,000 equally with Thomas.
D) must pay the surplus to the Secretary of State.