$20.$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 $7,2011.$ 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 $2011$ and in $2012,$ 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. 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 the secured parties then filed a

financing statement within ten days. Ultra became bankrupt on October $7,2014.$ National

claimed that its security interest in the after$-$acquired 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.