Credit Financing Inc. and Debt Lending Company hold security interests in property owned by Fleet Cartage Inc. Both lenders' interests are perfected. Priority between these security interests is generally determined by

A) the amount of the claim.
B) the custom in the trade.
C) the time of perfection.
D) the time of attachment.

Security Interests

A lawful demand or security interest on assets that have been offered as a guarantee, typically to ensure the repayment of a borrowed sum.

Time of Perfection

The point at which a security interest is legally established against third parties, typically by filing or possession.

Time of Attachment

The point at which an interest, typically a security interest, becomes legally binding on the asset to which it attaches.