Darrel, Smith, Keith, and Aaron Are Claimants to a Collateral

Multiple Choice

Darrel, Smith, Keith, and Aaron are claimants to a collateral interest. Smith and Darrel secure their interests. Aaron takes physical possession of the collateral. Keith files a financing statement some time later. Who among the four will have highest priority of claim to the collateral?

A) Darrel
B) Smith
C) Keith
D) Aaron