Hockey Lamp Pty Ltd ('HL') is an innovative Melbourne manufacturer. Its most successful product is a light designed for avid ice hockey fans. The lamp replicates the lights that flash in ice hockey stadiums when a goal is scored and, when a hockey fan is watching a game at home, will light up as a goal is scored.

HL uses a variety of machines to manufacture the lamps, but the most valuable is a Morgan Model G-100T injection molder. It was received at HL's premises on 14 November 2019, after being purchased with a $150,000 loan from Small Business Loans Pty Ltd ('SBL') and $175,000 in purchase price credit extended by Morgan Industries ('Morgan') which supplied it. The G-100T is not a fixture.

The credit was extended by Morgan in a sale and credit agreement that was properly executed by both parties. It specified that title to the machine would pass when Morgan had written confirmation from its bank that the final instalment of the $175,000 had been paid. On 21 November 2019, Morgan registered a financing statement with the following details:

• Secured party: ACN 121 232 343 [this is Morgan's ACN number]
• Grantor: ACN 123 456 789 [this is HL's ACN number]
• Notices: [Morgan's postal address, email and fax number are listed]
• Collateral: commercial property; other goods
• End date: not specified
• PMSI box ticked
• Registration date: 21 November 2019
• SBL also signed a contract with HL. It was a security agreement in which HL identified the G-100T and granted a security interest in it. SBL also registered a financing statement:
• Secured party: ACN 111 222 333 [this is SBL's ACN number]
• Grantor: ACN 123 456 789 [this is HL's ACN number]
• Notices: [SBL's postal address, email and fax number are listed]
• Collateral: commercial property; other goods
• End date: not specified
• PMSI box ticked
• Registration date: 15 November 2019
• Before the representatives of SBL and Morgan registered their financing statements they became aware of a financing statement registered by Dandenong Bank. HL has a revolving credit facility with this bank, which is secured by a security interest over all of HL's present and after-acquired property. Dandenong Bank and HL have a written, signed agreement and the financing statement contains the following:
• Secured party: ACN 987 654 321 [this is Dandenong Bank's ACN number]
• Grantor: ACN 123 456 789 [this is HL's ACN number]
• Notices: [Dandenong Bank's postal address, email and fax number are listed]
• Collateral: commercial property; all present and after-acquired property
• End date: not specified
• Other matters: collateral includes inventory
• PMSI boxnotticked
• Registration date: 1 August 2018
• A local retailer, Low Low Prices Pty Ltd ('LLP') has purchased 1000 of the lamps from HL to sell to the growing number of Melbourne ice hockey fans. LLP and HL have a contract that says nothing about passing of title

but LLP has already paid the purchase price. Yesterday, the 1000 lamps were packed into boxes and onto pallets. HL has notified LLP that the lamps are ready for delivery but as yet they are still sitting on HL's loading area.

Today HL defaulted on its repayment obligations to Morgan and to the Dandenong Bank under the respective security agreements. HL still owes Morgan $100,000, SBL $75,000 and Dandenong Bank $250,000. The G- 100T is worth $300,000.

Answer the following questions, explaining your answers fully:

(a) Which of Dandenong Bank, SBL and Morgan will have highest priority in realising its security interest,

if any, in the G 100T and how in practice can the security interests, if any, be realised?

(b) Does LLP have a property interest in the 1000 lamps and, if so, is it subject to any other property

interest?