Use the scenario above and properly cited research from your textbook and elsewhere to support your conclusions and give detailed, thorough answers to the following questions.

QRI is in desperate need of a new delivery truck. It buys a $70,000 delivery truck from Mel's Truck Emporium. QRI buys the truck with a $15,000 down payment and finances the remaining $60,000 through Mel's Truck Emporium. A few days later, QRI, needing money to pay its supplier of high fructose corn syrup, borrows $20,000 from Jake's Financing, LLC, using the truck as collateral. Mel hears of this and is very concerned that his interest in the delivery truck may not be protected. How can Mel protect his interest? What are the steps he should take? What steps could Jake take? What would be the consequences to Mel and Jake if QRI now declared bankruptcy?