1. First, some basics about priorities among creditors. On January 5, Andrew took a security interest in Danielle’s entire inventory but did not perfect. On February 5, Peggy took a security interest in the same inventory and perfected the same day. On March 5, Danielle defaults on all obligations. Whose claim to the inventory has priority?

2. Between two perfected security interests, which has priority?

3. Article 9 creates an exception for PMSIs. What is that exception?