Qwik Credit Corporation lends $20,000 to Ross.A financing statement is filed on May 1,but the 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 agree?ment on May 2.Ross used the same property as collateral for both loans.In a dispute between the lenders over rights to the collateral,Qwik Credit will

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State Bank perfected its interest first by filing a financing statement and having a signed security agreement on May 2, whereas Qwik Credit's interest did not attach until May 4 when the security agreement was signed.

Qwik Credit Corporation Lends $20,000 to Ross