juan delivers possession of his car to Magic Bank and Financial Services as collateral on a loan on September 1^st. The next week he uses the same car as collateral in another loan from Truman Financial on September 8^th. Truman Financial files a UCC-1 financing statement that same day on September 8^th. A month later, Juan defaults on both loans. Which bank has priority?

Multiple Choice

• Both banks have equal priority.

• Magic Bank and Financial Services

• Truman Financial

• The bank which loaned the largest amount of money to Juan.