On March 1, 2018 Mary loans Jerry $10,000 taking a security interest in Jerry's home theater, valued at $30,000. (Jerry already owned the home theater.) Jerry signs a note, security agreement and financing statement. Mary then properly files the financing statement on March 2, 2018. On April 5, 2018 the Grand Avenue State Bank loans Jerry $15,000 also taking a security interest in the home theater. Jerry signs the bank's note, a security agreement and financing statement. The bank properly files its financing statement on April 5, 2018. In addition, the Grand Avenue State Bank loans Jerry $7,500 to buy a new color copier. Grand Avenue has Jerry properly sign all of the appropriate documents and the bank timely files its financing statement. Sometime later, Jerry defaults on all loans. Mary claims that since her security interest was created first in the home theater she has priority over that of the Grand Avenue State Bank. Grand Avenue claims first position on both loans. Discuss each loan, which lender is in the top priority position and which security party will win and for what reasons.