charges (1) A registered charge on property of a company has priority over:
- (a)
- a subsequent registered charge on the property, unless the subsequent
registered charge was created before the creation of the prior registered
charge and the chargee in relation to the subsequent registered charge proves
that the chargee in relation to the prior registered charge had notice of the
subsequent registered charge at the time when the prior registered charge was
created; and
- (b)
- an unregistered charge on the property created before the creation of the
registered charge, unless the chargee in relation to the unregistered charge
proves that the chargee in relation to the registered charge had notice of the
unregistered charge at the time when the registered charge was created; and
- (c)
- an unregistered charge on the property created after the creation of the
registered charge.
(2) A registered charge on property of a company is postponed to:
- (a)
- a
subsequent registered charge on the property, where the subsequent
registered charge was created before the creation of the prior registered
charge and the chargee in relation to the subsequent registered charge proves
that the chargee in relation to the prior registered charge had notice of the
subsequent registered charge at the time when the prior registered charge was
created; and
- (b)
- an unregistered charge on the property created before the creation of the
registered charge, where the chargee in relation to the unregistered charge
proves that the chargee in relation to the registered charge had notice of the
unregistered charge at the time when the registered charge was created.