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Question #1 When Farmer McDonald leased land in Maine to a potato farmer named Irma E. Dead- beat he claimed a security interest in her
Question #1 When Farmer McDonald leased land in Maine to a potato farmer named Irma E. Dead- beat he claimed a security interest in her potato crop. McDonald's financing statement listed the leasee's name as I. Emma Deadbeat even though her state issued ID card identified her as "Irma E. Deadbeat". In fact, she signed the documents as "I. Emma Deadbeat". When Dead- beat contracted to sell the potatoes to Spud Suds, it filed its own financing statement securing the potatoes. This statement listed the debtor's name as "Irma E. Deadbeat". Much to every- one's shock and dismay, Deadbeat defaulted, both McDonald and Spud Suds claim an interest in the same potatoes. 1. Where would the financing statements be filed? 2. Which party prevails, McDonald or Spud Duds? Why
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