Dayton Hardware Store and Leighton Bank Enter a Loan Agreement

Multiple Choice

Dayton Hardware Store and Leighton Bank enter a loan agreement in which Leighton agrees to lend $10,000 on the security of Dayton's existing store equipment.A security agreement is executed and a financing statement is filed,but no funds are advanced.A week later,Dayton enters a loan agreement with Ramos Bank in which Ramos agrees to lend $10,000 on the security of the same store equipment.The funds are advanced,a security agreement is executed,and a financing statement is filed.A week later,Leighton Bank advances the agreed $10,000.Dayton defaults on both loans.In this case:

A) between Leighton Bank and Ramos Bank,Ramos has priority because it advanced the funds before Leighton Bank did.
B) between Leighton Bank and Ramos Bank,Leighton Bank has priority because it was the first to deal with Dayton in the matter.
C) between Leighton Bank and Ramos Bank,Leighton Bank has priority because priority among security interests perfected by filing is determined by the order in which the financing statements were filed.
D) neither bank needed to check filings of financing statements because the filings had no impact on which bank had priority.