The only party with a perfected security interest is quennell. Olive misses both loan payments. Quennell is the party with first rights to the collateral.
By collateral, what do you mean?
A property or other type of physical wealth that the borrower holds, such as a home, animals, a car, etc., is known as collateral. Giving the borrower a loan is prohibited. For the lender, the collateral acts as a form of security.
Which kind of collateral first comes to mind?
Simply put, collateral is anything of value that a borrower may give up to a lender in exchange for timely repayment of a loan. One such example is when you take out a mortgage. Usually, the bank would want you to put up your house as collateral.
To know more about collateral visit:
https://brainly.com/question/6779619
#SPJ4
