The Bank of Nova Scotia and MMX Corp are discussing setting up a line of credit for MMX$.$ Under the terms of the line of credit, MMX will be able to require the bank to advance it funds at any time up to an aggregate cap of $$10000.$ MMX will give the bank a security interest in all of its present and future assets. The parties have not yet entered into an agreement and the bank has advanced no money. The bank files a financing statement to register its interest in anticipation of the agreement being entered into. Subsequently, Melanie, the president of MMX$,$ lends the corporation $$20000.$ MMX gives her a security interest in all its present and future assets. Melanie files a financing statement to register her interest. Which statement best describes the relative priority of the claims of Melanie and the bank?

Select one:

A$.$ The bank has priority over Melanie because it registered its security interest before Melanie registered hers.

B$.$ The bank has priority over Melanie because Melanie has a close relationship with the corporation as its president.

C$.$ Melanie has priority over the bank because her claim is for a larger amount of money than the bank's.

D$.$ The bank has priority over Melanie because MMX and the bank began negotiating before Melanie's loan was made.

E$.$ Melanie has priority over the bank as the bank's security interest did not attach.