Susan convinces both Rosemary and Erika to each loan her $1,000 secured by her fur coat, which she already owns and which hangs in her coat closet. Both Rosemary and Erika have Susan sign a security agreement.

Erika gives Susan the money a week after Rosemary, but Rosemary has not perfected and Erika does not either. A week later, they find out they have each made a loan against the same coat. Who has priority?