IX. — 3:312 Transitional provision in relation to entries in other systems of registration or notation under national law

Where a security right is registered or noted in another system of registration or notation on title certificates under the national law of a member state, as long as such systems are still in operation for security rights in specific types of assets, an entry reiterating the content of that registration or notation, including the time of the registration or notation, is to be entered into the European register of proprietary security against the security provider by the body operating the other system. An entry in the European register of proprietary security is required for the effectiveness of the registration or notation under this Book.

For purposes of priority according to Chapter 4, the time of registration or notation in the national system is decisive.