Real Estate Law
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Yes, the first lien holder sits in first priority for payment on the RV and is paid before the second would be paid. This is because the first lien holder has first claim to be paid before any other creditor or lien holder. Any lien holder should be listed on the title to the vehicle and would need to be notified by the repossessing entity so they would have an opportunity to protect their interest at any sale.
Yes, if the second lienholder knows about the first one, then they have a legal duty to notify them or the first could then sue the second to have any sale set aside as a violation of their procedural due process rights to notice of any action taken against any collateral that they have an interest in.