Fact Pattern 18-2 General Leasing Company (GLC) Buys Equipment for Use as Inventory

question 27

Multiple Choice

Fact Pattern 18-2
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 $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.

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