If a bank, with a chattel mortgage under the Personal Property Security Act, fails to register the mortgage of a car bought by its customer, which of the following isfalse?
?a. The failure to register would not affect the rights of the bank against the customer if no?third party is involved.
?b. If thecustomer sells the car to a third party who does not know of the mortgage, and?does not pay the bank, the third party’s claim would override that of the bank.
?c. If a trustee in bankruptcy who does not know of the mortgage seizes the car from the?customer, the trustee’s claim would override that of the bank.
?d. A potential purchaser of the car from the customer would not find the bank’s interest?recorded in the central registry in Victoria.
?e. The bank has lost its security and thus all its legal rights against anyone.
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