Which One of the Following Statements About the Personal Property

question 21

Multiple Choice

Which one of the following statements about the Personal Property Security Act is true?

• A) This legislation applies only to all present transactions where personal property is given as security interest to enforce an obligation.
• B) Unless a creditor in a secured transaction covered by this act takes steps to attach and perfect his security interest, he could lose that interest to someone outside the contract.
• C) In a situation where a debtor fraudulently attempts to transfer property that he has given as security, the Act is designed to protect both the debtor and the secured creditor.
• D) If a secured creditor fails to register his security interest in the Personal Property Registry, he loses his rights against the debtor.
• E) If someone suspects that an item of personal property has been given as security by a particular person, he can sue on the breach of a condition.

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