Solved

Lena Borrows from Mac and Nicole, Using the Same Collateral

Question 21

Multiple Choice

Lena borrows from Mac and Nicole, using the same collateral for both loans. Only Nicole has a perfected security interest. Lena defaults on both loans. The party with first rights to the collateral is​


A) ​Lena.
B) ​Mac and Nicole, in proportion to Lena's debt to each.
C) ​Mac only.
D) ​Nicole only.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q16: Lenders Bank files a financing statement regarding

Q17: Once default has occurred and the secured

Q18: Attachment gives the creditor an enforceable security

Q19: Fact Pattern 30-1<br>General Leasing Company (GLC) buys

Q20: Sam is the secured party in a

Q22: Fiscal Credit Corporation asks Global Industries, Inc.,

Q23: When more than one party claims an

Q24: On default, a secured party who chooses

Q25: A purchase-money security interest in consumer goods

Q26: Article 9 of the Uniform Commercial Code