Who has priority to the collateral

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Reference no: EM1388935

Q. In the video game Fun with Fund$, the goal is to correctly calculate debt, identify the debtors assets, prioritize the creditors interests also accurately balance these categories to come to a financial resolution. In one segment, Agile Corporation borrows $1 million from Hi Finance Organization (HFC).

Agile signs a financing statement that describes the collateral, its inventory also proceeds also HFC files the statement in the appropriate state office. Using the same collateral, Agile later borrows $500,000 from Metro Bank, which files its financing statement. Agile defaults on the loans. Metro claims that at the time of its loan it was unaware of HFCs interest. Among these parties, who has priority to the collateral? Discuss your answer.

Reference no: EM1388935

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