Multiple Choice
The Bank of Edwards on July 1st and Legacy Bank on July 2nd both entered into a loan agreement with Julius. On July 3rd, Legacy Bank filed a UCC-1 financing statement and on July 5th, the Bank of Edwards did as well. In this situation, if Julius defaults on his loan with both banks, who has priority?
A) The Bank of Edwards
B) Legacy Bank
C) Both banks have the same priority
D) The bank which loaned the largest amount of money to Julius.
Correct Answer:
Verified
Correct Answer:
Verified
Q23: Scott perfected a security interest against Jaimie
Q24: If a lender wishes to automatically perfect
Q25: All of the following are methods of
Q26: In James v. Ford Motor Credit, the
Q27: When a debtor uses the same property
Q29: As a general rule, the party that
Q30: An automatically perfected security interest in consumer
Q31: In Morgan County Feeders v. McCormick, the
Q32: When a loan lacks collateral, it is
Q33: Nancy offers her mother's wedding ring as