Bank #1 and Bank #2 have each loaned $5,000 to Bob for him to purchase woodworking equipment to start up a business of cabinet-making. Each bank has formed a security agreement with Bob naming his woodworking equipment as collateral. The loan and security agreement between Bob and Bank #1 occurred on March 1st. The loan and security agreement between Bob and Bank #2 occurred on March 15th. Bank #1 filed a UCC-1 financing statement for its security interest in the equipment on March 30th. Bank #2 filed its UCC-1 financing statement for its security interest in the equipment on March 16th. Which bank has the priority security interest in the equipment?

Group of answer choices

Bank #1 if Bob never told Bank #1 that he was pledging the equipment as collateral for the loan with Bank #2

Bank #2 since it perfected its security interest before Bank #1 perfected its security interest

Neither bank because neither has taken possession of the collateral.

Bank #1 because it was the first to attach a security interest in the collateral.