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On September 30th, X Corp., an elevator manufacturer, applies for $1,000,000 loan from Bank One and executes a security agreement in which it grants Bank One a security interest in its equipment and inventory. Bank One files a financing statement that day. On October 1st, X Corp. grants Bank Two a security interest in the same equipment and inventory in exchange for a lower-interest $1,000,000 loan. Bank Two files the financing statement and wires the $1,000,000 to X Corp. that day. Bank One wires its $1,000,000 the next day.

If X Corp. defaults on Bank One's higher-interest loan, can Bank One attach X Corp.'s equipment and inventory?

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  • Reference No.:- M946839

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