Jackie files a petition in bankruptcy. At the moment of filing Ocean, Inc., borrows $50,000 from...
Jackie files a petition in bankruptcy. At the moment of filing
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Ocean, Inc., borrows $50,000 from ESP Corporation in a secured transaction using Ocean’s equipment as collateral. Ocean then borrows $70,000 from Last Choice Lenders, Inc., using the same equipment as collateral. Neither ESP nor Last Choice perfects its security interest. Ocean defaults on the loans. The party with priority is
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Homework Answers
A. ESP, because its interest was the last to attach
ESP will be on priority because firstly Ocean borrowed using equipment as collateral.
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