T F A negotiable instrument is a written, un conditional promise or order to pay a fixed amount of cash, made payable to order or bearer on a date certain or upon demand. No one is primary liable on a cashier's check. All security agreements are written and are signed by the debtor. All financing statements are written and are signed by the debtor. If there are multiple secured creditors protected by the same collateral of the debtor, then the secured creditors' claims to the collateral are satisfied in order of their priority.
Priority is set first by the time of attachment and is set second by the time of perfection.
Secured creditors that attach first have highest priority and if two secured creditors attached simultaneously then those that perfect first have highest priority. The bankruptcy trustee owes fiduciary duties to the creditors to maximize the debtor's estate. Thus, the bankruptcy trustee must pursue reversal of preferential transfers. In a Chapter 11 business reorganization bankruptcy both the creditors' committee and the debtor may propose a reasonable repayment plan. If when a lawful agency is created it also is supported by consideration and capacity, then the agency also is a contract.