Question: 1) Why is having priority so important to a secured party? 2) In the event that a debtor files for bankruptcy after entering into a

1) Why is having "priority" so important to a secured party?

2) In the event that a debtor files for bankruptcy after entering into a secured transaction who would have priority as to the collateral...the US Bankruptcy Court (who will sell the asset for the benefit of all the creditors) or the secured party (who will repossess the collateral for his or her own benefit)?

Thanks!

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