Which one of the following statements about the Personal Property Security Act is false?
a. This legislation applies to all present and future transactions (whatever form they might take) 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 secured creditor and the innocent third party.
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 search the Registry to see if that is true.