Fact Pattern 19-1 General Leasing Company (GLC) Buys Equipment for Use as Inventory,borrow-Ing

question 63

Multiple Choice

Fact Pattern 19-1
General Leasing Company (GLC) buys equipment for use as inventory,borrow-ing $1 million from Helpful Finance Corporation for a security in-terest 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 19-1.Suppose that two weeks after GLC takes pos-session of the equipment,Helpful and Interstate file financing state-ments,with Interstate fil-ing first.In that cir-cum-stance,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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