Which secured party has priority in the wildcat

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Reference no: EM133655393

Problem: Johnny is a Texas resident. His girlfriend Karen loaned him $30,000 on July 1, 2019, and Johnny agreed that his mounted wildcat would secure repayment of the loan. Karen has had possession of the wildcat since the date of the loan. Johnny's affairs are in such disarray that he forgot that he had previously granted his ex-girlfriend, Crystal, a proper security interest in the wildcat as collateral for a loan. Crystal had filed a financing statement, proper in all respects, with the Texas Secretary of State on June 10, 2014, covering the wildcat. The financing statement has not been amended. Which secured party has priority in the wildcat?

Reference no: EM133655393

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