On February 27, 2020 Gringotts Bank gave a $1,000 loan to Hermione and took a security interest in her book collection with an agreement listing the books as collateral. Gringotts Bank agreed and gave the loan that day, buttold Hermione she would have to come in and sign a security agreement as soon as possible. Gringotts Bank filed a financing statement covering “all assets” the next day. On March 1, 2020,Hermione’s friend Ron got a default judgment against Hermione in the amount of $1,000 (the amount Hermione had borrowed from him and failed to repay). Ron delivered a writ to the sheriff and the sheriff levied on Hermione’s book collection on March 15, 2020. The next day, March 16, Hermione signed a security agreement giving Gringotts Bank a security interest in her book collection. If the book collection is worth $1,000 how will the proceeds be distributed?