Which of the Following Did the Court Determine on Appeal

Which of the following did the court determine on appeal in Wawel Savings Bank v. Jersey Tractor Trailer Training Inc., the case in the text in which a lender who perfected an interest in a debtor's collateral claimed to have priority in bankruptcy over an entity who later entered into an agreement whereby it purchased rights to the debtor's accounts receivables?

A) Under the "first in time" rule, the court ruled in favor of the lender who perfected the interest in the debtor's collateral.
B) Under the "first to file" rule, the court ruled in favor of the lender who perfected the interest in the debtor's collateral.
C) The court ruled in favor of the purchaser of receivables on the basis that the agreement the lender had with the debtor did not expressly prohibit the sale of receivables.
D) The court ruled in favor of the purchaser of receivables on the basis that an immediate transaction for value was involved.
E) The court remanded the case for a determination as to whether the purchaser of receivables was a holder in due course or a purchaser of instruments, in which case it would prevail.