Business, 25.04.2020 02:50 Stuckonhomework

Nick borrows $5,000 from Modern Finance Corporation ("MFC"). Nick signs a security agreement for the loan on May 1. On May 2, Nick borrows $8,000 from Union Bank, also signing a security agreement. Union Bank files a security agreement with the Secured Transaction Registry on May 3. MFC files their security agreement on May 5. Both security agreements cover the same property. If Nick defaults, who will have priority? Assume that both security agreements were properly executed (signed by Nick and collateral specifically identified). Group of answer choices Union, because Union perfected first. Union, because Union obtained their secured interest first. MFC, because MFC obtained their secured interest first. MFC, because MFC perfected their interest first.

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Nick borrows $5,000 from Modern Finance Corporation ("MFC"). Nick signs a security agreement for the...

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