Greg borrows from abc corp and quicksilver using the same, Financial Accounting

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Greg borrows from abc corp and quicksilver using the same

Greg borrows from ABC Corp. and Quicksilver using the same collateral for both loans. Only Quicksilver has a perfected security interest. Greg defaults on both loans. The party with first rights to the collateral is?

A. ABC Corp

B. Quicksilver

C. Both ABC Corp. and Quicksilver in proportion to the debt owed to each other

D. Greg.

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Financial Accounting: Greg borrows from abc corp and quicksilver using the same

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Financial Accounting: Greg borrows from abc corp and quicksilver using the same

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