Document ID: chunk:federal_register_of_legislation:C2011A00035:clause:2_322a
Version: federal_register_of_legislation:C2011A00035
Segment Type: clause
Provision Reference: sch 2 cl 322A
Character Range: 26947–27633

322A  Priority rule—priority between transitional security interest and security interest perfected by control
  Despite subsection 57(1), a transitional security interest in collateral that has been continuously perfected since the registration commencement time has priority over a security interest in the same collateral (other than a transitional security interest) that is currently perfected by control.
Note 1: Only security interests in certain kinds of property can be perfected by control (see paragraph 21(2)(c) and Part 2.3).
Note 2: Subsection 57(1) provides generally for security interests currently perfected by control to have priority over other security interests.