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Question
Qwik Credit Corporation lends $20,000 to Ross. Qwik files a financing statement on May 1, but a security agreement is not signed until Ross gets the money on May 4. Ross also borrows money from State Bank, which advances funds, files a financing statement, and signs a security agreement on May 2. Ross uses the same property as collateral for both loans. In a dispute between the lenders over rights to the collateral, Qwik willa. lose, because State perfected its interest first.
b. lose, because State's interest attached first.
c. win, because Qwik filed its financing statement first.
d. win, because Qwik's interest attached first.
Answer
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