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Bank has a perfected security interest in all of Retailer's present and after-acquired inventory and equipment. Supplier later sells Retailer new refrigerators for resale on credit and retains a purchase-money security interest in the refrigerators. Supplier files before Retailer receives the refrigerators but sends Bank an authenticated PMSI inventory notice two days after Retailer receives them. Equipment Seller later sells Retailer a forklift for use in the warehouse and retains a purchase-money security interest in the forklift. Equipment Seller files 15 days after Retailer receives the forklift.
Retailer defaults. Supplier claims priority in the refrigerators as purchase-money inventory. Equipment Seller claims priority in the forklift as purchase-money equipment. Bank argues that Supplier's notice was late and that Bank's earlier blanket filing controls both disputes.
Discuss priority among Bank, Supplier, and Equipment Seller in the refrigerators and the forklift.