Alexis Pty Ltd sold machinery to Bob's Mining Pty Ltd, with each machine worth $400,000. Bob and Alexis had agreed payment would occur 90 days after delivery. Before that time elapsed, Bob's Mining became insolvent, owing $8 million to their banks. Alexis Pty Ltd wants to take the machinery back, as no payments have been received. Which of the following is most correct?

Select one:

a. Title to the machinery has likely passed to Bob's Mining at the time of sale, however Alexis Pty Ltd would be a 'secured creditor' entitled to either the payment of the contractual amounts, or to take the machinery back

b. As no payment has been made, title has not passed to the purchaser, and so Alexis Pty Ltd is still the 'true owner' of the machinery. No possessor can have a stronger claim to ownership than the true owner. Alexis Pty Ltd can recover the machinery

c. Alexis Pty Ltd will only be able to reclaim the machinery if they had effective Retention of Title clauses in their sale contracts, and if those clauses were properly signed by the purchaser as part of the contract

d. Whether Alexis Pty Ltd can recover the machines or merely rank as a creditor [either secured or unsecured] will depend on any security interests granted by Bob's Mining to their banks, whether Alexis Pty Ltd has registered their security interests in the machinery, and the respective levels of perfection the security interests may have attained