McMann paid $3,000 down, the remainder to be paid over several years, and signed an agreement giving Barwell a security interest in the preformer. Barwell did not perfect its interest. On March 1, McMann borrowed $350,000 from First of America Bank, giving the bank a security interest in McMann’s present and after-acquired property.

First of America perfected by filing on March 2.

McMann, of course, became insolvent, and both Barwell and the bank attempted to repossess the preformer. Who gets it?