If a Debtor Goes Bankrupt and Has More Than One

Multiple Choice

If a debtor goes bankrupt and has more than one secured creditors then:

A) the creditor who secured the interest first gets the first right to reclaim the collateral.
B) all secured creditors get equal shares in the collateral.
C) the creditor who perfected the security interest first gets the first right to reclaim the collateral.
D) the collateral is distributed among all the creditors with secured interest in the proportion of their credit.