That would be the usual result, but not always.  Recording statutes are of three varieties: race, notice, or race-notice.  In Ohio for example, mortgage priority is determined by first to file (race).  Other liens, however, are determined by the first to file without knowledge of any prior (unrecorded) transaction (race-notice). Recording statutes vary by state, so you could get a different answer in different jurisdictions.  

And, it is possible to have lenders in equal priority with some sort of participation agreement, or with a syndicated loan.   These are rare and probably only used with complex commercial financing that requires very large sums of money.    
Best,
Robert A. Franco
SOURCE OF TITLE 
to post a reply: login - or - register