The following series of events/transactions occurred on Bert Easley's ranch: March 3, 2010 - Bert buys the ranch for $900,000; gives a mortgage to First Interstate Bank (FIB) to secure the loan April 12, 2012 - Bert gives First Federal (FF) a new mortgage (lower rate); FF pays off the FIB loan balance August 17, 2014 - Bert installs wind power equipment and signs a security agreement with WP3
(the wind power seller); WP3 does not record a financing statement If Bert defaults, what is the order of the creditor priorities? ?
A) FIB, FF, WP3
B) WP3, FF
C) WP3, FIB, FF
D) FF, WP3
D
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