14. Billy borrowed money from First Bank, and he entered an agreement listing his scooter as collateral. First Bank took all necessary steps to properly perfect its security in the scooter on the day of the loan. The next day, Billy borrowed money from Second Bank, and he entered an agreement listing the same scooter as collateral. Second Bank also took all necessary steps to properly perfect its security in the scooter on the day of the loan. Billy defaults on both loans, defaulting on Second Bank and then on First Bank. Which of the following statements regarding this set of facts is true?

A. First Bank possesses the priority claim because it was the first bank to make the loan that listed the scooter as collateral.

B. Neither bank possesses a right to repossess the scooter because Billy listed it as collateral with both banks.

C. First Bank possesses the priority claim because it was the first to perfect its security interest.

D. Second Bank possesses the priority claim because Billy defaulted on Second Bank first.