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

question 2

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 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.

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Definitions:

Labor Migration

The movement of people from one geographical area to another for the purpose of employment.

Illegal Immigration

The act of living in a country without the government's permission, violating its immigration laws.

Social Support Infrastructure

Systems and services provided by communities or organizations to support the well-being and social needs of individuals or groups.

International Business

Commercial transactions that occur across country borders, including trade, investment, and operational activities.