Orlando Bank filed a UCC-1 financing statement on March 22^nd for a car, valued at $45,000, that Donald offered as collateral on a $1000.00 loan. Donald also offered the same car as collateral to Kissimmee Bank for a $5000.00 loan. Kissimmee bank filed a UCC-1 financing statement on March 24. Donald ended up defaulting on both loans. Which statement below is correct?

1.Kissimmee Bank will receive all the proceeds from the sale of the car because it loaned Donald the largest amount.

2.Orlando bank will have priority in the security to cover the cost of the loan and the remainder will go to Kissimmee as second in priority of a perfected security interest.

3.Orlando bank will receive the amount of the outstanding loan and the remaining proceeds will revert to Donald.

4.Orlando bank will receive all the proceeds from the sale of the car because Orlando bank perfected its security interests first.