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Debtor granted Finance Co. a security interest in its equipment on January 5, and Finance Co. advanced value that day. Finance Co. did not file until March 1. On February 10, Judgment Creditor obtained a judgment against Debtor and the sheriff levied on the equipment. On February 20, Debtor filed bankruptcy. A different lender, Bank, had filed a proper financing statement and attached its security interest in Debtor's inventory on January 20, before any levy or bankruptcy petition.
Finance Co. claims that its equipment security interest attached before Judgment Creditor's levy and before bankruptcy, so it should defeat both. The bankruptcy trustee argues that, as of the petition date, the trustee has lien-creditor status and can avoid Finance Co.'s unperfected security interest. Bank argues that its inventory security interest was perfected before bankruptcy and should not be defeated by the trustee merely because the bankruptcy filing occurred later.
Discuss priority among Finance Co., Judgment Creditor, the bankruptcy trustee, and Bank as to the relevant collateral.