Thomas and Pauline Are Two Secured Parties

Multiple Choice

Thomas and Pauline are two secured parties. Neither party has perfected their interests. Assuming a purchase-money security interest is not involved, who would prevail in a dispute?

A) The party who attached its interest first will prevail.
B) The party who loaned money first will prevail.
C) Thomas and Pauline will divide the proceeds from the sale of the collateral evenly between them.
D) The party who loaned the most money on the collateral has priority.
E) The party who first notified the debtor of a missed payment has priority.