If Both First Bank and Second Bank Had Properly Perfected

question 90

Multiple Choice

If both First Bank and Second Bank had properly perfected their security interest,which creditor's interest would take priority?

• A)First Bank,because in a dispute between two secured but unperfected creditors,the party who attached first takes priority.
• B)First Bank,because in a dispute between two secured and perfected creditors,the party who perfected first takes priority.
• C)The two banks will have equal rights to the property.
• D)First Bank,because in a dispute between a secured perfected creditor and a secured unperfected creditor,the secured perfected creditor takes priority.
• E)Second Bank,because "after-acquired property" is not specific enough to grant attachment right to First Bank,and,thus,the secured agreement of Second Bank takes priority.

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Definitions:

Dissenting Opinion

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