Facts from Question 9. May 1 - - Ace Bank loans money to Kramer Company to fund the purchase of Equipment A.

Ace Bank requires Kramer to sign a security agreement that provides that Ace Bank gets a security interest in Equipment A as well as a security interest in all equipment and inventory that Kramer may acquire in the future.

May 2 - - Equipment A is delivered to Kramer.

May 4 - - Bobs Bank loans money to Kramer Company to fund the purchase of Equipment B.

Bobs Bank and Kramer sign a security agreement that provides that Bobs Bank gets a security interest in Equipment B, plus Bobs Bank also gets a security interest in Equipment A and all other currently owned equipment and inventory and all equipment and inventory that Kramer may acquire in the future.

May 5 - - Equipment B is delivered to Kramer

May 6 - - Bobs Bank files a financing statement relating to the collateral.

May 8 - - Ace Bank files a financing statement relating to the collateral.

May 10 - - Kramer Company uses its own funds to buy Equipment C.

June 10 - - Kramer goes broke and defaults on everything.

Question 10. Same facts as the preceding question, except now assume that Ace did not file its financing statement until May 25. Who is entitled to what?

a. Ace gets Equipment A and C, and Bobs gets Equipment B.

b. Ace get Equipment A, Bobs gets Equipment B, and Kramer gets Equipment C.

c. Ace gets Equipment A, and Bobs gets Equipment B and C.

d. Bobs get all the equipment.