Debbie Deadbeat pledged her motorcycle as collateral for a loan to Friendly Loan Company. The...
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Debbie Deadbeat pledged her motorcycle as collateral for a loan to Friendly Loan Company. The next day, she pledged the same motorcycle to Loan Shark Loans for another loan. Assuming that Debbie defaults on these loans: a. Neither lender will get the motorcycle because the motorcycle is exempt property. b. Both Friendly and Loan Shark will share the collateral. c. Friendly Loan Company will get the motorcycle because they made the loan before Loan Shark. d. Loan Shark will get the motorcycle if they filed a financing statement before Friendly
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