Maya Borrowed Money from Solvent National Bank and Gave the Bank

Multiple Choice

Maya borrowed money from Solvent National Bank and gave the bank a security interest in her business equipment, both present and after-acquired. She later borrowed money from Resilient Savings and Loans to purchase additional business equipment. Three and a half weeks after Maya purchased the new equipment and took possession of it, an employee of Resilient discovered the bank has filed financing statement concerning the bank's loan to Maya. Resilient immediately recorded a financing statement, so as to perfect its purchase money security interest in the equipment. Maya then defaulted on the obligation owed to the bank and on the obligation owed to Resilient. Who has the first priority security interest in the equipment purchased by Maya with the funds borrowed from Resilient Savings and Loans?

A) Solvent National Bank
B) Resilient Savings and Loans
C) Both Resilient and Solvent have equal priority
D) Both Maya and Resilient have equal priority