Nucky Thompson, a local entrepreneur, wished to obtain financing to expand his business operations. Boardwalk Bank (BB) agreed to loan Nucky one million dollars secured by Nucky's inventory, equipment, and accounts, now owned or after acquired. Nucky and BB executed a valid security agreement and filed a UCC-1 financing statement which described the collateral as: "All of the debtor's assets, now or after acquired." The UCC-1 omitted Nucky's address, but the filing officer accepted it anyway.
One year later, Nucky, again needing credit, executed a valid security agreement with Arnold Rothstein. Nucky's two 1922 Model-T automobiles (which Nucky uses to escort out-of-town dignitaries and business associates around Atlantic City) served as collateral for the loan. Rothstein filed a UCC-1 describing the collateral as, "all of the debtor's equipment, now or after acquired." Nucky has now defaulted on both loans. Who will have priority over Nucky's two 1922 Model Ts?
1. Rothstein, because BB's description of the collateral on its UCC-1 was supergeneric and thus the UCC-1 was not effective
2. Rothstein, because BB's UCC1- omitted Nucky's address
3. Neither BB nor Rothstein, because neither properly perfected its security interest
4. BB, because it was first to file or perfect
5. BB, because its security interest was first to attach