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Question
Fact Pattern 20-1General Leasing Company (GLC) buys equipment for use as inventory, borrowÂing $1 million from Helpful Finance Corporation for a security inÂterest 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 20-1. Suppose that two weeks after GLC takes posÂsession of the equipment, Helpful and Interstate file financing stateÂments, with Interstate filÂing first. In that cirÂcumÂstance, the party with priority to the equipment is
a. GLC.
b. Helpful and Interstate proportionately.
c. Helpful only.
d. Interstate only.
Answer
This answer is hidden. It contains 1 characters.
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