Bloom executed a real estate mortgage in favor of Lakeshore Commercial Finance Corporation on September 16. On October 4, Bloom executed another mortgage on the same described real e s tate in favor of Northridge Bank. Northridge, without notice of the mortgage to Lakeshore, r e corded its mortgage at 9:28 a.m. on October 25. On that same date, at 3:07 p.m., the prior mor t gage executed in favor of Lakeshore was recorded. Bloom defaulted on the mortgages. The value of the real estate was insufficient to satisfy both mortgages fully. Which party had first rights to the property, Lakeshore or Northridge? Why? Northridge Bank v. Lakeshore Com. Fin. Corp., 365 N.E.2d 382 (IL).