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Question
Smith Auto Sales has a secured loan on the inventory of the business with Northshore Credit Union which is filed in February. In March Smith Auto Sales has another secured loan made on the inventory of the business from GMAC credit. GMAC files their security interest in May. Who will have priority in the event of a default by Smith Auto Sales?
A. Neither will have priority and both will share equally revenue from sale of inventory
B. Northshore Credit Union will have priority and they will have their debt satisfied prior to GMAC receiving funds
C. Since GMAC came last they will have priority and will have their debt satisfied before Northshore Credit Union
D. Since there is a conflict with the security with the inventory, neither security interest will be recognized and both creditors will get nothing
Answer
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