Experienced Capital Company and First Street Bank are secured parties with security interests in property owned by Grande Oil Corpora?tion.Between these security interests,the first to be filed or perfected has prior?ity over other filed or per?fected security interests in

Question

Quizplus · Accepted Answer

This is known as the "first in time, first in right" rule, which means that the first security interest to be filed or perfected will have priority over other filed or perfected security interests in most circumstances, as long as it meets the requirements of Article 9 of the UCC. This rule applies in all states that have adopted Article 9, regardless of whether or not a security agreement is signed and dated by the creditor.

Experienced Capital Company and First Street Bank Are Secured Parties