If two or more secured parties claim an interest in the same collateral but neither has a perfected claim,the first to attach has priority.

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This is the rule of "first to attach" under the Uniform Commercial Code. If two or more secured parties have competing claims on the same collateral, the one who attached their security interest first (by filing a financing statement or taking possession of the collateral) will have priority over subsequent secured parties. However, if a secured party has a perfected security interest (by complying with all required filing and notice requirements), they will have priority over unperfected secured parties, regardless of who attached their interest first.

If Two or More Secured Parties Claim an Interest in the Same