Fact Pattern 30-1 General Leasing Company (GLC) Buys Equipment for Use as Inventory

Multiple Choice

Fact Pattern 30-1
General Leasing Company (GLC) buys equipment for use as inventory, borrowing $1 million from Business Finance Corporation for a security interest in the equipment. The next day, GLC borrows $500,000 from Commercial Bank, also for a security interest in the equipment. GLC defaults on the loans.
-Refer to Fact Pattern 30-1. Suppose that Business Finance perfects its security interest when GLC takes possession of the equipment. In that circumstance, the party with priority to the collateral on GLC's default would be​

A) ​GLC.
B) ​Business Finance and Commercial Bank proportionately.
C) ​Business Finance only.
D) ​Commercial Bank only.