Reference no: EM132264913

Doreen Parks, AKA DoPA, a 68-year-old rap artist, needed a $500 loan for a new dynamic mic, large diaphragm condenser, and small diaphragm condenser (three different kinds of microphones). She got a secured loan from Bank One (BO), granting them a security interest in the new equipment. She signed the agreement Doreen DoPA Parks. Bank One filed the financing statement under DoPA. Doreen also needed another $2000 for bass traps, studio monitors, a work station, and diffusers. This time she went to Bank Two (BT). Bank Two was more cautious, and wanted a security interest on all her equipment. Doreen agreed, and again signed the agreement Doreen DoPA Parks. Bank Two filed the financing statement under Parks. Sadly, a month later DoPA died. Having spent every cent she earned while alive at clubs and maintaining her entourage, she died penniless. Bank One and Bank Two have both sought to repossess the microphones. a) Did Bank One file the financing statement correctly? Please explain why or why not using the relevant law. b) Did Bank Two file the financing statement correctly? Please explain why or why not using the relevant law. c) Which bank should get the microphones? Please explain your reasoning using the relevant law.