Which of the following statements is false about secured transactions in provinces having a personal property security act. 1) This legislation applies to all present and future transaction where personal property is given as security to enforce an obligation. O2) Both tangible and intangible personal property can be used as security. 3) In a situation where a debtor fraudulently attempts to transfer property that he has given as security, the Act is designed to protect both the secured creditor and the innocent third party, 4) Unless a creditor in a secured transaction covered by this Act takes steps to "attach and perfect his security interest, he could lose the interest in the property to an outsider. 5) If a secured creditor fails to register his interest in the Personal Property Registry, he loses his rights against the property and against the debtor