Reference no: EM131293201
Hailey's Harley's gave a security interest in its inventory to HBC Bank for a $100,000 line of credit. HBC Bank perfected its security interest by filing a financing statement with the Secretary of State. Hailey's Harley used $15,000 to buy a 2013 Harley, and $10,000 to buy a 2010 Harley. Hailey's Harley's delivered the certificates of title, designating Hailey as the owner, to HBC. Hailey's Harley sold the 2013 to Jake and the 2010 to Mike. First National financed both purchases. HBC, however, did not receive the funds from the sale of the two bikes. Can HBC succeed in filing a lawsuit against First National seeking a declaratory judgment that HBC's security interest in the motorcycles has priority?
A. Yes, because HBC's security interest is first in time
B. No, because HBC's perfected security interest was extinguished when Jake and Mike, as buyers in the ordinary course of business, purchased the Harley's
C. No, because Hailey's Harley's unperfected security interest has priority and attached when it purchased the two Harley's
D. Yes, because Hailey's Harley's, Jake, and Mike may have violated the rights of HBC.
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