The Canadian Imperial Bank of Commerce Has Loaned $100 000

The Canadian Imperial Bank of Commerce has loaned $100 000 to Cryo Corp, a corporation manufacturing medical equipment. Cryo carries on business in Ontario. The Bank has taken a security interest in Cryo Corp's inventory under s 427 of the Bank Act. Which of the following is TRUE?

A) The Bank should register its interest only by filing a financing statement under the Ontario Personal Property Security Act.
B) The Bank should register its interest only with the office of the Bank of Canada nearest Cryo's place of business.
C) The Bank does not need to register its interest because it is protected automatically under the Bank Act.
D) The Bank cannot register its interest by filing a financing statement under the Ontario Personal Property Security Act because such interests are excluded from the scope of the Act.
E) The Bank should register its interest with the office of the Bank of Canada nearest Cryo's place of business as well as by filing a financing statement under the Ontario Personal Property Security Act.