Question: Katie borrows $ 1 0 , 0 0 0 from Jordan. Jordan requires Katie to sign a promissory note for the amount, as well as
Katie borrows $ from Jordan. Jordan requires Katie to sign a promissory note for the amount, as well as a security agreement identifying Katie's exotic pet snake as collateral. Jordan never files a financing statement. Three months later, Katie borrows $ from Corey. Corey is a trusting soul, and takes Katie at her word that if she doesn't pay back the loan, Corey can have her snake. Two weeks later, Katie borrows $ from Allie, once again using the snake as collateral. Allie has Katie sign a security agreement, and files a financing statement with the Maryland SDAT. Katie then sold her snake to Jenna to have as a pet, and Jenna did not know about any of the previous promises. Assuming that Katie is not a snake merchant, who gets the snake if Katie now defaults on all the loans.
Jordan
Allie
Corey
Jenna
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
