Sooner Enterprises Needs a Large New Piece of Equipment

Sooner Enterprises needs a large new piece of equipment.Sooner has approximately $100,000 in cash to put toward the $400,000 purchase price.Sooner goes to Adams National Bank and borrows $250,000 for part of the purchase price.Sooner buys the equipment,using the cash from Adams,the $100,000 in cash on hand,and by drawing $50,000 on a preexisting unsecured line of credit.Sooner and Adams National Bank executed a security agreement on March 1,but nothing was ever filed in connection with this security agreement.Adams extended credit and Sooner acquired the equipment on March 2.Two months later,on May 1,Sooner went to Baker National Bank and signed an agreement to borrow $50,000 which would be used to pay back the line of credit used to purchase the equipment.Baker extended the credit to Sooner on May 3,and filed a valid financing statement on May 15.On May 10,Sooner went to Colter National Bank and borrowed $75,000 using the equipment as collateral.On the same day,Colter properly filed a copy of the security agreement with Sooner.In June,Sooner defaulted on all of its debts.Discuss the priority of all its creditors with respect to this equipment.