1. Speedy Transport Co., a private corporation, borrowed $200,000 from Quick Loans Inc. by way of a chattel mortgage on all its transport equipment, which was immediately registered under the Personal Property Security Act (Ontario). Speedy later borrowed $300,000 from Shark Finance Inc., and as security for the loan gave Shark a debenture containing a floating charge on all corporate assets, which was also immediately registered under the Personal Property Security Act (Ontario). Speedy later defaulted on the repayment of both debts.At the time of the default Speedy's assets were worth $300,000 in total, including transport equipment worth $100,000.How much of its loan to Speedy is Quick-Loans able to recover?Explain. (6 marks)