Issue: Which security interest has priority between the parties involved First Bank or General Fixture?
Rule: The rule specifies that the first perfected security interest to be filed has priority and other perfected interests stand in line in the order in which they were filed.
Application of the facts: First Bank sent a letter dated 14 January 1980 to Dakota Square Restaurants, Inc. putting into writing a loan request. Dakota Square accepted the loan commitment 22 January 1980.On 7 March 1980 First Bank advanced the sum of $25,000.00 to Dakota Square. Dakota Square entered into a contract for sale and security agreement with General Fixture on 28 May 1980.First Bank filed its security interest on 12 March 1980, whereas General Fixture
Rule: The rule specifies that the first perfected security interest to be filed has priority and other perfected interests stand in line in the order in which they were filed.
Application of the facts: First Bank sent a letter dated 14 January 1980 to Dakota Square Restaurants, Inc. putting into writing a loan request. Dakota Square accepted the loan commitment 22 January 1980.On 7 March 1980 First Bank advanced the sum of $25,000.00 to Dakota Square. Dakota Square entered into a contract for sale and security agreement with General Fixture on 28 May 1980.First Bank filed its security interest on 12 March 1980, whereas General Fixture