Which one of the following statements about the Personal Property Security Act is true?
◦ In a situation where a debtor fraudulently attempts to transfer property that he or she has given as security, the Act is designed to protect both the debtor and the secured creditor.
◦ If a secured creditor fails to register his or her security interest in the Personal Property Registry, he or she loses his or her rights against the debtor.
◦ Unless a creditor in a secured transaction covered by this Act takes steps to "attach and perfect" his security interest, he or she could lose that interest to someone outside the contract.
◦ If someone suspects that an item of personal property has been given as security by a particular person, he or she can sue on the breach of a condition.
◦ This legislation applies only to all present transactions where personal property is given as security interest to enforce an obligation.
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