National Acceptance Company loaned Ultra Precision Industries $692,000, and to secure repayment of the loan, Ultra executed a chattel mortgage security agreement on National's behalf on March 7, 2008. National perfected the security interest by timely filing a financing statement. Although the security interest covered specifically described equipment of Ultra, both the security agreement and the financing statement contained an after-acquired property clause that did not refer to any specific equipment.
Later in 2008 and in 2009, Ultra placed three separate orders for machines from Wolf Machinery Company. In each case it was agreed that after the machines had been shipped to Ultra and installed, Ultra would be given an opportunity to test them in operation for a reasonable period. If the machines passed inspection, Wolf would then provide financing that was satisfactory to Ultra and properly filed its financing statement.
In all three cases, financing was arranged with Community Bank (Bank) and accepted, and a security interest was given in the machines. Furthermore, in each case a security agreement was entered into, and a financing statement was then filed by the secured parties within ten days. Ultra became bankrupt on October 7, 2010. National claimed that its security interest in the afteracquired machines should take priority over those of Wolf and Bank because their interests were not perfected by timely filed financing statements. Discuss who has priority in the disputed collateral.