The Bank of Edwards on July 1st and Legacy Bank on July 2nd both entered into a loan agreement with Julius. On July 3rd, Legacy Bank filed a UCC-1 financing statement and on July 5th, the Bank of Edwards did as well. In this situation, if Julius defaults on his loan with both banks, who has priority?
A) The Bank of Edwards
B) Legacy Bank
C) Both banks have the same priority
D) The bank which loaned the largest amount of money to Julius.
Correct Answer:
Verified
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