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.
Correct Answer:
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