Question: 6. Determining Priority Ramirez bought some used manufacturing equipment from Hurdle for $3,000, paying $1,000 in cash and the balance in a promissory note secured

6. Determining Priority

Ramirez bought some used manufacturing equipment from Hurdle for $3,000, paying $1,000 in cash and the balance in a promissory note secured by a security agreement. Before Hurdle filed the financing statement, Ramirez used the equipment as collateral to obtain a loan from Allen, who immediately filed a financing statement. If Ramirez does not repay the loans, who has first priority in the equipment, Hurdle or Allen (IRAC not required)?

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