Vegreville Food & Farm Inc (VFFI) Operates a General Store

Vegreville Food & Farm Inc (VFFI) operates a general store in a rural area of Saskatchewan.For a variety of reasons, the company has experienced continuing and substantial financial difficulties over the past 10 years.As a result, most of its assets are subject to one or more security interests.Those security interests are held by a number of creditors.VFFI recently found itself unable to meet its obligations and it has defaulted on a number of contracts.Creditors are now looking to execute upon their security interests.Which of the following statements is most likely to be TRUE?

A) A creditor with a security interest under PPS legislation has an absolute right to immediately seize the relevant assets and to permanently retain that asset for itself.
B) If an asset is seized by a creditor, VFFI is not entitled to redeem that collateral by paying the full amount of the missed payment that caused it to go into default under the security interest.
C) A creditor with an unperfected security interest has priority over any lien created by law, but not over another unperfected security interest that attached earlier.
D) As between competing creditors with security interests registered under provincial personal property security legislation, priority is determined by the date and time of registration rather than by perfection.
E) The first secured party to seize has priority over all other secured parties regardless of the time of registration of the security interests.