Molly purchases a motorcycle from Bikes R' Us who has a perfected security interest in the motorcycle
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Question:
Molly purchases a motorcycle from Bikes R' Us who has a perfected security interest in the motorcycle until it is paid for. She also borrows $500 from Jake, who is an unsecured creditor. Molly files a bankruptcy petition . If the petition is granted, who will have priority to be paid under the bankruptcy laws?
a. | Neither Bikes R' Us nor Jake
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b. | Bikes R' Us
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c. | Both Bikes R' Us and Jake are equal in priority
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d. | Jake |
Related Book For
Introduction To Business Law
ISBN: 9780324826999
3rd Edition
Authors: Jeff Rey F. Beatty, Susan S. Samuelson
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