MN Bar Practice Questions - Minnesota Bar Examination Exam

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Two secured creditors claim the same collateral. Creditor 1 perfected by filing first; Creditor 2 perfected later. Neither holds a purchase-money security interest. Under UCC Article 9 priority rules, who has priority?

Creditor 2, because it perfected most recently Whichever creditor has the larger debt Both share equally Creditor 1, under the first-to-file-or-perfect rule of UCC § 9-322

Correct Answer:

Creditor 1, under the first-to-file-or-perfect rule of UCC § 9-322

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