Angelina, a resident of Florida, borrowed some money from Italiano Bank to pay for her college tuition bill of $10,000. She offered her car, valued at $20,000 as collateral for the loan. Next she decided that she wanted to go on an extravagant trip to Bali, and to finance the trip she got another loan, for $10,000, from Italiano Bank and delivered a G.B. Rielle original work of art, valued at $15,000, to the bank to hold onto as collateral for the loan for the trip. Before leaving for Bali, she also bought a kayak for $1000.00 from a store to take on the trip with her and borrowed the money from a friend, Maddie, promising to pay her back. On her way to the airport to fly out to Bali, she realized that the plane ticket she purchased was for the next month when she would be in school. Therefore, she quickly borrowed additional money, $2000.00 from New York Finance to purchase another plane ticket and used her car again as collateral. New York Finance immediately filed a UCC-1 financial statement with the secretary of state in Florida. After her grand excursion Angelina realized she could not pay her loans back on her meager wage as a taco delivery driver. Therefore, she defaulted on all of her loans. Explain the order of priority of the loans and who would get repaid for the defaulted loans if the loan amounts remained the same as when originally loaned.

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The Answer of Angelina, a resident of Florida, borrowed some money from Italiano Bank to pay for her college tuition bill of $10,000. She offered her car, valued at $20,000 as collateral for the loan. Next she decided that she wanted to go on an extravagant trip to Bali, and to finance the trip she got another loan, for $10,000, from Italiano Bank and delivered a G.B. Rielle original work of art, valued at $15,000, to the bank to hold onto as collateral for the loan for the trip. Before leaving for Bali, she also bought a kayak for $1000.00 from a store to take on the trip with her and borrowed the money from a friend, Maddie, promising to pay her back. On her way to the airport to fly out to Bali, she realized that the plane ticket she purchased was for the next month when she would be in school. Therefore, she quickly borrowed additional money, $2000.00 from New York Finance to purchase another plane ticket and used her car again as collateral. New York Finance immediately filed a UCC-1 financial statement with the secretary of state in Florida. After her grand excursion Angelina realized she could not pay her loans back on her meager wage as a taco delivery driver. Therefore, she defaulted on all of her loans. Explain the order of priority of the loans and who would get repaid for the defaulted loans if the loan amounts remained the same as when originally loaned.

Angelina, a Resident of Florida, Borrowed Some Money from Italiano