Assuming a Purchase-Money Security Interest Is Not Involved, Which of the Following

Multiple Choice

Assuming a purchase-money security interest is not involved, which of the following is true regarding priority when there are two secured parties and neither has perfected?

A) The party who attached its interest first will prevail.
B) The party who attached its interest second will prevail.
C) The parties will divide the proceeds evenly between them.
D) The party who loaned the most money on the collateral has priority.
E) The party who loaned the least amount on the collateral has priority.