Draft Common Frame of Reference:IX. — 4:101 Priority

Draft Common Frame of Reference

IX. — 4:101 Priority

Geldend

Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.

general rules

(1)

Subject to exceptions, the priority between several security rights and between a security right and other limited proprietary rights in the same asset is determined according to the order of the relevant time.

(2)

The relevant time is:

(a)

for security rights, the time of registration according to Chapter 3, Section 3, if any, or the time at which the security right has otherwise become effective according to the other rules of Chapter 3, whichever is earlier;

(b)

for other limited proprietary rights, the time of creation.

(3)

An effective security right has priority over an ineffective security right, even if the latter was created earlier.

(4)

The ranking of two or more security rights which are ineffective is determined by the time of their creation.

(5)

Subject to IX. — 4:108 (Change of ranking), a security right that had been acquired by a good faith acquisition in an asset subject to a retention of ownership device or in disregard of an earlier encumbrance in the same asset always has priority over the retention of ownership device or earlier security right.

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