Vintage Value Pty Ltd is an Australian winery seeking to cut costs and maximise production by using cutting-edge technology.

To do so it plans to utilise aBordeaux III 2018 wine press (the wine press).

Vintage Value sources the wine press from the Wine Warehouse in Ballarat. Under the terms of the agreement Vintage Value agrees to pay Wine Warehouse $300,000 for the winepress. Title to the wine press will not pass to Vintage Value until payment has been made in full.

Vintage Value have provided you with a written security agreement dated 2 March 2019. It describes the wine press as the subject matter and provides full details of payment. It has been duly signed by two Directors of Vintage Value.

The registered financing statement provides the name of the secured party as Wine Warehouse, and its Australian Business Number (ACN).

It identifies the grantor by Vintage Value's name and Australian Company Number (ABN).

The collateral is described as commercial property; other goods

It indicates that the security interest is a PMSI.

No end time for the registration is specified.

Date of registration is 5 April 2019.

The wine press was delivered to the Vintage Value Winery on 15 May 2019.

As Vintage Value is struggling to make a decent profit margin in the lower end of the wine market, it needs to borrow the full amount of the first $50,000 annual instalment payment for the wine press from CreditCrunch Financial (CCF).

CCF insists on including a term in the loan contract dated 25 March 2019, signed by directors of Vintage Value and an employee of CCF, giving it the right to sell any of Vintage Value's present or future property in the event of default on loan repayments.

Vintage Value have also provided you with a financing statement as registered on the PPSR. It provides details of the loan agreement.

It provides the name of the secured party as Credit Crunch Financial and its Australian Company Number (ACN).

It identifies the grantor by Vintage Value's name its Australian Company Number (ACN).

The collateral is described as commercial property; all present and after acquired property

No end time for the registration is specified.

It indicates that the security interest is a PMSI.

Date of registration is 25 April 2019.

As Vintage Value has continued to struggle financially, it has borrowed a further $100,000 from Dalby Bank to pay further instalments for the wine press. You have to hand a written security agreement dated 15 March 2020, signed by two Directors of Vintage Value and two Directors of Dalby Bank. It specifies that in the event of default by Vintage Value, Dalby can sell the wine press (supplied by Wine Warehouse to Vintage Value) to discharge the outstanding amount. There is no provision for transfer of title at the time of the loan agreement to Dalby of any property of Vintage Value.

Vintage Value have also provided you with a financing statement as registered on the PPSR. It provides details of the loan agreement with Dalby Bank.

It identifies the secured party as Dalby Bank, and specifies its ACN.

It identifies the grantor by Vintage Value's name and Australian Company Number (ACN).

The collateral is described as commercial property; other goods

No end time for the registration is specified.

It does not indicate whether the security interest is a PMSI.

Date of registration is 25 April 2020.

In March 2022 Vintage Value defaulted on payments to Wine Warehouse, CCF and Dalby Bank in relation to the wine press.

Which of the interests created is a perfected security interest?