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raig borrows money from GMAC secured by his Chevrolet Silverado pickup truck. GMAC files a financing statement on January 15, 2021. Craig borrows money from

raig borrows money from GMAC secured by his Chevrolet Silverado pickup truck. GMAC files a financing statement on January 15, 2021. Craig borrows money from Personal Finance Company on June 13, 2021 secured by the same Chevrolet Silverado pickup truck. Craig files a petition for bankruptcy on June 15, 2021. Personal Finance Company files its financing statement on June 17, 2021. What is the result?

A.

GMAC, the bankruptcy trustee and Personal Finance Company will all share in the proceeds of the Silverado on a pro rata basis.

B.

GMAC has the first position (priority), the bankruptcy trustee is second (priority) and Personal Finance Company is in third position (priority).

C.

Craig's trustee in bankruptcy has first position (priority), GMAC is in second position (priority) and Personal Finance Company is in third position (priority).

D.

GMAC has the first position (priority), Personal Finance Company is in second position (priority) and the bankruptcy is in third position (priority).

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