Simtech Inc needs $$1$ million for research related to a new product it is developing. It has been discussing a loan with Toronto Bank. On January $10,$ the Bank files a financing statement to register a security interest in all the assets of simtech. On January $12,$ simtech borrows $$20000$ from one of its shareholders, secured by a security interest in all the assets of the corporation. The shareholder files a financing statement to register its security interest on the same day. On January $15,$ the bank and Simtech agree that the bank will lend Simtech $$1$ million and Simtech agrees to give the bank a security interest in all of its assets. If Simtech defaulted on the loans to both the shareholder and the bank, the shareholder's security interest would have first priority because the shareholder advanced its money first, before the bank advanced money.

Select one:

True

False