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On January 2, Lender A filed a financing statement covering Debtor's equipment, inventory, accounts, and proceeds. At that time, Debtor had not signed a security agreement and Lender A had not advanced funds. On February 1, Lender B loaned Debtor $200,000, Debtor signed a security agreement covering the same collateral, and Lender B filed a financing statement. On March 1, Debtor signed Lender A's security agreement covering the same collateral, and Lender A advanced $250,000. Lender A's agreement also stated that the collateral secured future advances. On April 1, Lender A advanced another $50,000.
Debtor later defaulted. The collateral is insufficient to pay both lenders. Lender B argues that Lender A cannot rely on the January 2 filing because Lender A had no attached security interest then. Lender A argues that its earlier filing establishes priority once attachment occurred and that the April future advance has the same priority as the original advance.
Discuss the priority between Lender A and Lender B in the shared collateral, including the April future advance.