Farmhand Harner gets tired of working for Ranch Owner Neusel (because he pays too little) and decides to start his own ranch. Harner approaches his wealthy lawyer friend Lubbering for a loan to start up his ranch in Midland, Texas, on some land he inherited. Lubbering loans Harner $500,000, which Harner agrees to pay back with interest over the course of 20 years. Lubbering drafts a security agreement that states that he has a security interest in "any present or after-acquired goods" located on Harner's ranch. Harner signs the security agreement and Lubbering files a financing statement in Texas, paying the appropriate filing fee.
Harner moves to Texas and purchases farm equipment, livestock, and a new F-250 for his ranch. After about a year, Neusel contacts Harner and tells him he misses his friend and would like Harner to come back to Missouri and work for him again. Harner agrees and sells his ranch, including all the livestock and farm equipment. Harner also sells his F-250 to Reinberg for hunting purposes. Harner then decides that Lubbering is rich enough and decides to quit paying him. Lubbering goes to Reinberg’s house and repossesses the F-250. Lubbering also wants to sell the ranch, including the farm equipment and livestock, to help pay off Harner’s debt.
What does Lubbering have a perfected secured interest in?
1. The farm equipment, livestock, ranch, and the F-250
2. Only the farm equipment and livestock
4. Only the F-250