Pennsylvania  |  Business Law

Legal Question

Asked on: 10/15/13, 11:39 am

1) Lloyd borrows money from Collin. In exchange for the loan, Lloyd offers Collins a security interest in his boat. The next day, Lloyd offers Matilda a security interest in the same boat in exchange for a loan. Neither Collin nor Matilda properly perfects the security interest. Lloyd defaults on both loans. Matilda begins attachment proceedings and property attaches the boat. Who will receive the boat? Why?

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