As part of a loan agreement entered into in 2009, Paul granted a security interest in his gold ring to his friend Tyler.  Tyler filed a financing statement correct in all respects in the proper filing office in March 2009.

In 2011, Paul has fallen behind in the payments he owes for work he had had done on his car by a mechanic named Kevin.  Paul promises to pay the money as soon as he is able, and grants Kevin a security interest in the ring as collateral for this obligation.  Kevin filed a financing statement covering the ring in the appropriate office in October 2011.  

Tyler then filed an entirely new UCC-1 financing statement in the proper filing office in July 2014.  Paul filed a petition in bankruptcy in November 2014.

Which statement is correct?

1. Kevin and Tyler both have perfected security interests in the the ring as of November 2014, so both will have interests good as against the bankruptcy trustee.  Tyler will have priority over Kevin.

2. Kevin and Tyler both have perfected security interests in the the ring as of November 2014, so both will have interests good as against the bankruptcy trustee.  However, Kevin will have priority over Tyler.

3. Kevin and Tyler both have unperfected security interests in the ring as of November 2014, so both will have to participate in the bankruptcy proceedings as general creditors.

4. The trustee in bankruptcy takes priority over Kevin and Tyler regardless of whether they have perfected security interests and regardless of when they filed their respective financing statements.