Question
Jackie files a petition in bankruptcy. At the moment of filing Ocean, Inc., borrows $50,000 from ESP Corporation in a secured transaction using Oceans equipment
Jackie files a petition in bankruptcy. At the moment of filing
Ocean, Inc., borrows $50,000 from ESP Corporation in a secured transaction using Oceans equipment as collateral. Ocean then borrows $70,000 from Last Choice Lenders, Inc., using the same equipment as collateral. Neither ESP nor Last Choice perfects its security interest. Ocean defaults on the loans. The party with priority is
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