Advanced Debtor-Creditor Relations and Secured Transactions :

1.If a bank has a security interest in a debtor's asset, and the debtor sells the asset to a third party in exchange for cash, the bank has a security interest in that cash as:

sale proceeds.

a general intangible.

after-acquired property.

a future advance.

2.If two secured parties have both perfected their security interests in the same collateral, which creditor is entitled to repossess and sell it?

The one who loaned the most funds

The one whose security interest attached first

The one whose security interest was perfected first

The one who advanced the loan proceeds first