Question

2) Borrower B grants lender La security interest in a sculpture that B owns for $3,500 that L advances to B. A financing statement is executed and filed by L. Sometime later, B pledges the sculpture to C for an additional $1,500. B defaults on both loans. Who has priority to the sculpture? Explain. (11 points) Decision: Rule of Law

Answer 1

L Has priorty to the sculpture as it has already been mortgaged by B and authority to posses has been transferred