Assume the following facts:

Caterpillar is a manufacturer of forklifts. Joe owns a retailer forklift dealership called Forklifts R Us. Caterpillar sells Joe150 forklifts on credit and retains a security interest in the forklifts and their proceeds (and perfects its interest). Joe then sells forklift #1 to Smith, a consumer purchaser. Instead of paying Joe cash for the forklift however, Smith gives Joe a promissory note (chattel paper) to make annual installment payments over 5 years to pay for the forklift. Joe needs more money, so he contacts Big Bank, who agrees to pay Joe for an assignment of his chattel paper. Big Bank pays Joe cash and takes possession of the chattel paper (i.e., Smiths promised payments). Forklifts R Us defaults on all its loans and goes broke. Joe leaves in the middle of the night for Mexico, never to be seen again. Caterpillar and Big Bank both claim they are entitled to Smiths payments. What is Caterpillars claim to the payments explain what interest they would have in the payments (chattel paper)? Who is entitled to Smiths payments (chattel paper) and why? Explain. Who is entitled to forklift #1, why?