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Unaware of the finance company loan

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A company borrows $100,000 from a finance company and signs a financing statement that describes the collateral, its inventory and proceeds, and the finance company files the statement in the appropriate state office. Using the same collateral, the company borrows $50,000 from a local bank, which files its financing statement. The company defaults on both loans. The bank claims that at the time of its loan it was unaware of the finance company loan. Between these parties, who has priority to the collateral?

Reference no: EM131164302

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