Debtor (a corporation), borrowed $1 million from AlphaBank, which properly perfected its security interest in Debtor's major asset (the "Asset") worth $3 million if unencumbered by any interests or liens. 2 months later, Debtor borrowed $750,000 from BetaBank, which properly perfected its security interest in the Asset. 6 months later, Debtor borrowed $500,0000 from GammaBank, which failed to properly perfect its security interest in the Asset. 2 years later, the Asset has declined in value and Debtor defaulted on its loan from BetaBank. BetaBank obtained possession of the Asset, complied with notice requirements, and conducted a commercial reasonable sale of the Asset. The Asset sold for $2 million (its fair market value, if unencumbered). At the time of sale, Debtor owed, $500,000 to Alpha, $400,000 to Beta and $300,000 to Gamma. (See UCC 9-615(a)(Links to an external site.) and 9-617(a)(Links to an external site.))

How should the sale proceeds be allocated? Did the buyer pay too much