The Bank of Edwards on July 1^st and Legacy Bank on July 2^nd both entered into a loan agreement with Julius. On July 3^rd, Legacy Bank filed a UCC-1 financing statement and on July 5^th, the Bank of Edwards did as well. In this situation, if Julius defaults on his loan with both banks, who has priority?

Multiple Choice

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

• The Bank of Edwards

• Legacy Bank

• Both banks have the same priority