Assume the following timeline.May 1 — Ace Bank loans money…
Assume the following timeline.May 1 — Ace Bank loans money to Kramer Company to fund the purchase of Inventory A. Ace Bank requires Kramer to sign a security agreement that provides that Ace Bank gets a security interest in Inventory A as well as a security interest in all equipment and inventory that Kramer may acquire in the future.May 2 — Inventory A is delivered to Kramer.May 3 — Ace Bank files a financing statement relating to the collateral.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 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 KramerMay 6 — Bobs 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.Who gets what?