Ted wants to start a candy shop and needs money. He talks with Quincy and Gillian separately, and each agrees to loan funds to Ted. The two do not know that the other is loaning him money. He gives each a security interest in the business. Each has filed a financing statement with the proper agency. When Ted fails to make payments and Quincy and Gillian both seek to sell the shop in order to be paid, the one who has first priority is the one who:

Filed first

Explanation:    

Financing statement is the document that gets recorded officially with filing date and assignment of filing number  that contains claim of lender to the assigned collateral.    

According to the question, if Ted is unable to make payment of loan to Gillian and Quincy then as per legal proceeding the person who filed the financing statement first will get the opportunity to sell the shop for regaining the debt amount.

the federal government of the united states was established by the constitution. us is a presidential republic. the president is head of state, head of government and of a two party legislative and electoral system. the supreme court balances the powers of the federal and the state government. yhe executive branch is headed by the oresident. there are two chambers of congress, the senate and the house of representatives. judicial power is exercised by the judicial branch (or judiciary), comprised of the supreme court and lower federal courts. the judiciary's function is to interpret the   constitution as well as the federal laws and regulations.