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27 April, 20:20

Lena borrows from mac and nicol, using the same collateral for both loans. only nicol has a perfected security interest. lena defaults on both loans. the party with first rights to the collateral is

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  1. 27 April, 22:12
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    Obviously, Nicol has the right to the collateral because of her claim of the perfected security interest. This type of legal claim is based on a collateral that has been gained through a defaulted loan. When the borrower, who in this case was Lena, fails to fulfill the duties of completing his/her payments for the loan, the lender (Nicol) has the right to sell the collateral to regain the unpaid loan balance of the borrower.
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Home » Business » Lena borrows from mac and nicol, using the same collateral for both loans. only nicol has a perfected security interest. lena defaults on both loans. the party with first rights to the collateral is
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