Fact Pattern 29-2B

question 18

Multiple Choice

Fact Pattern 29-2B
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 both loans.
-Refer to Fact Pattern 29-2B.Suppose that two weeks after GLC takes possession of the equipment,Helpful and Interstate file financing statements,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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Definitions:

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