Is Dryden correct that the bank does not have priority because the loan was not public knowledge?
Multiple Choice
Yes, since private persons should not be expected to search for notification of secured interests.
No, because once the financing statement is filed, the statement becomes public knowledge and parties considering making a loan to another party are expected to search for notification of secured interests.
Yes, because although financial statements become public knowledge, only banks and businesses, not private persons, are expected to search for notification of secured interests.
Yes, since financial statements are not generally considered public knowledge.
No, because although financial statements are generally not considered public knowledge, private persons are expected to search for notification of secured interests.