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Bank agreed to lend Dealer $300,000 to open a used-equipment business. Dealer signed a promissory note and a document titled Security Agreement. The document stated that Dealer granted Bank a security interest in "all equipment and inventory, whether now owned or later acquired, and all identifiable proceeds." Bank disbursed the loan immediately. At the time of signing, Dealer owned no inventory and only one delivery truck. Two weeks later, Dealer used part of the loan to buy forklifts and compressors for resale. Three months later, Dealer sold several compressors on credit and received an account receivable from the buyer.
Dealer defaulted. Dealer argues that Bank's security interest attached only to the original delivery truck because Dealer did not own the forklifts, compressors, or receivable when the loan documents were signed. Bank argues that its security interest attached to the later-acquired inventory and equipment when Dealer obtained rights in those items and also attached to the receivable as proceeds.
Discuss whether Bank's security interest attached to the truck, the later-acquired forklifts and compressors, and the account receivable. Do not discuss perfection or priority.