Millard has an allowed claim of $5,000 against the estate of Tabitha and has a security interest in her art collection in the amount of $3,000 of the $5,000 claim.
A) Millard will recover nothing in the bankruptcy proceeding.
B) Millard will recover $5,000 in the bankruptcy proceeding.
C) Millard has a secured claim in the amount of $3,000 and an unsecured claim in the amount of $2,000.
D) It would be a voidable preference to pay Millard the full $5,000.
Correct Answer:
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