Go to Extended Case 29.1, Citizens National Bank of Jessamine County v. Washington Mutual Bank, 309 S.W.3d 792 (2010), on pages 567–568. Read the excerpt and answer the following questions.

(a) Issue: This case involved conflicting security interests in the same collateral. What was the collateral, and why was it difficult to decide which creditor’s security interest took priority?

(b) Rule of Law: What did the court have to decide before determining which rule governing priorities applied to the conflicting security interests in this case?

(c) Applying the Rule of Law: The court decided that one party had perfected its security interest in the collateral and the other had not. How did this decision affect the application of the rule of law?

(d) Conclusion: In which party’s favor did the court rule? Explain your answer.