Senior Bank and Junior Bank both have security interests in the equipment of Faisal Electric. Senior Bank filed its financing statement first. On default by Faisal, Senior Bank hauls off the equipment, selling it two weeks later for $850,000, which is almost enough to pay the debt of $900,000 owed to Senior Bank. Junior Bank next contacts the buyer, Kalap Konstruction, claiming that the equipment remains subject to the security interest of Junior Bank. Is it? 

Answer rating: 100% (QA)

Based on the given information Senior Bank filed its financing statement first and has a security in... View the full answer