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Katie borrows $ 1 0 , 0 0 0 from Jordan. Jordan requires Katie to sign a promissory note for the amount, as well as
Katie borrows $ from Jordan. Jordan requires Katie to sign a promissory note for the amount, as well as a security agreement identifying Katie's exotic pet snake as collateral. Jordan never files a financing statement. Three months later, Katie borrows $ from Corey. Corey is a trusting soul, and takes Katie at her word that if she doesn't pay back the loan, Corey can have her snake. Two weeks later, Katie borrows $ from Allie, once again using the snake as collateral. Allie has Katie sign a security agreement, and files a financing statement with the Maryland SDAT. Finally, Katie defaults on all three loans. Who gets the snake?
Jordan
Allie
Katie
Corey
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