Great products perfects its interest and notifies ez credit, Ask an Expert

Management Studies

Eagle Stores, Inc., borrows $5,000 each from EZ Credit Corporation, First National Bank, and Great Products Corporation. Eagle uses its "present inventory and any thereafter acquired" to secure the loans from EZ Credit and First National. EZ Credit perfects its interest on April 1, followed by First National on April 5. Eagle buys new inventory on April 10 from Great Products and signs a security agreement, giving Great Products a purchase-money security interest in the new inventory. On the same day, Great Products perfects its interest and notifies EZ Credit and First National. Eagle takes possession of the new inventory on April 15. On April 20, Eagle defaults on all of the loans. Whose security interest has priority?

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M9101279

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