Fact Pattern 32-1General Leasing Company (GLC) Buys Equipment for Use

question 48

Multiple Choice

Fact Pattern 32-1General 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 $500,000 from Interstate Bank, also for a security interest in the equipment. GLC defaults on the loans.
-Refer to Fact Pattern 32-1.Suppose that Helpful perfects its security interest when GLC takes possession of the equipment.In that circumstance,the party with priority to the collateral on GLC's default would be 

• A) ​GLC. 
• B) ​Helpful and Interstate proportionately. 
• C) ​Helpful only. 
• D) ​Interstate only.

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