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Question
Fact Pattern 18-2General Leasing Company (GLC) buys equipment for use as inventory, borrowing $1 million from Helpful Finance Corporation for a security interest in the equipment. The next day, GLC borrows $513,000 from Interstate Bank, also for a security interest in the equipment. GLC defaults on the loans.
Refer to Fact Pattern 18-2. Suppose that two weeks after GLC takes possession of the equipment, Helpful and Interstate file financing statements, with Interstate filing first. In that circumstance, the party with priority to the equipment is
A.GLC.
B.Helpful and Interstate proportionately.
C.Helpful only.
D.Interstate only.
Answer
This answer is hidden. It contains 2 characters.
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