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Blue Sky, Inc., borrows $25,000 each from Sandifer Corporation, BBT Bank, and ACME Corporation.
Blue Sky, Inc., borrows $25,000 each from Sandifer Corporation, BBT Bank, and ACME Corporation. Blue Sky uses its "present inventory and any thereafter acquired" to secure the loans from Sandifer and BBT. Sandifer perfects its interest on April 1, followed by BBT on April 5. Blue Sky decides to enlarge its inventory and buys new inventory on April 10 from ACME and signs a security agreement, giving ACME a purchase-money security interest in the new inventory. On the same day, ACME perfects its interest and notifies Sandifer and BBT. Blue Sky takes possession of the new inventory on April 15. On April 20, Blue Sky defaults on all of the loans. Whose security interest has priority over any or all of the inventory? Explain why. Be sure to state the UCC rule (not by number but by explaining what the rule says), when providing the reasons for your answer.
