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Delta Wave Technologies, Inc. borrows funds from Lender X and Lender Y to finance manufacturing equipment. Lender X perfects its security interest in all present and after‑acquired equipment and inventory of Delta Wave Technologies, Inc. by registration in the Philippine Security Interest Registry on January 12, naming the debtor as “Delta Wave Technologies, Inc.” Lender Y files its own security interest on January 28 naming the debtor as “Delta Wave Technologies, Incorporated” (a misnomer) and describing the same collateral: “all present and after‑acquired equipment and inventory.” The Debtor subsequently defaults. (a) Identify the governing doctrine and essential elements for perfection by registration under RA 11057. (b) Evaluate whether each registration complies with requirements for debtor identification and collateral description; would either registration be defective, and what is the consequence for perfection? (c) Who has priority between Lender X and Lender Y, and why? Explain how the misnaming in (b) may affect priority.