Fact Pattern 19-1 General Leasing Company (GLC) Buys Equipment for Use as Inventory,borrow-Ing

Multiple Choice

Fact Pattern 19-1
General Leasing Company (GLC) buys equipment for use as inventory,borrow-ing $1 million from Helpful Finance Corporation for a security in-terest in the equipment.The next day,GLC borrows $500,000 from Interstate Bank,also for a security interest in the equipment.GLC defaults on the loans.
-Refer to Fact Pattern 19-1.Suppose that Helpful perfects its se-curity in-ter-est when GLC takes possession of the equipment.In that cir-cum-stance,the party with pri-ority to the collateral on GLC's default would be

A) GLC
B) Helpful and Interstate proportionately.
C) Helpful only.
D) Interstate only.