On October 20, 2006 ECO Bank loaned $300,000 to AutoCo, a whole supplier of automobile parts to retail auto parts stores. The loan was evidenced by a duly executed promissory note and a security agreement that granted the bank a security interest in all of AutoCo's "now existing and hereafter acquired inventory." Also on October 20, 2006, the bank filed a UCC financing statement in the proper places in the state. The bank had previously searched the official UCC financial statement records on October 15, 2006 and found a financing statement filed on December 1, 2003, naming AutoCo as debtor, identifying ABC Finance Company as the secured party, and describing the collateral as AutoCos existing and after-acquired inventory. Neither the underlying security agreement nor the financing statement mentioned future advanced. When Bank asked AutoCo about this financing, AutoCos president truthfully replied, We paid that off in 2005. On December 15, 2006 ABC Finance offered to reestablish its lending relationship with AutoCo., which needed additional funds. They loaned AutoCo $150,000. AutoCo signed another security agreement with ABC Finance providing that the $150,000 loan was secured by AutoCos now existing and hereafter acquired inventory. Also on December 15, 2006, a proper financing statement was executed by AutoCo and filed ABC Finance in the proper place in the state. AutoCo is in default on both loans, owing ECO Bank $200,000 and ABC Finance $125,000. The bank has begun judicial proceedings to foreclose on AutoCos inventory (worth approximately $100,000), as well as $50,000 in uncollected AR that arose from sales of AutoCos inventory and $30,000 in special compensating balance deposit account set up at the request of the bank and I which AutoCo has deposited onlt the proceeds of Inventory Sales made after Jan 1 2007. 1- As between ECO Bank and ABC Financing company, please explain which creditor has superior right in AutoCos unsold inventory and why. (*** I believe it is ECO bank b/c they were the first to perfect. I wanted to confirm I was right and see if there is a little more I can add to this answer as it needs to be in essay format.) 2- As between the two creditors, please explain which has superior rights in the proceeds from the sale of AutoCos inventory and why? (****I believe this would be ABC Finance bc of the PMSI exception. Again I wanted to confirm I was right and see if there is a little more I can add to this answer as it needs to be in essay format.)