Security interest on my heavy equipment

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Reference no: EM133936131

Question

In 2020, John Smith lends me $100,000. I give him a security interest on my heavy equipment. He does not perfect his security interest. Last week Tom Jones lent me $100,000 on the same equipment and perfected his security interest. I default on both loans and the equipment is sold at auction.

1. tom jones gets paid first

2. john smith gets paid first

3. they both get paid an equal amount as they

Reference no: EM133936131

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