A Purchase Money Security Interest

A purchase money security interest

A) will prevail over a general security agreement covering all of a merchant's assets, if it registered within the specified time period.
B) is prohibited in most provinces.
C) is now obsolete, in light of the Personal Property Security Act.
D) is also known as floating charge.
E) will be automatically subordinate to any general security agreeement, even if registered within the specified time period.
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.

Correct Answer:

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