Secured Transactions Act · s 26

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s 26Priority of purchase money security interests in collateral etc. or its proceeds

Subject to section 15, a purchase money security interest shall have priority over a non-purchase money security interest in the same collateral given by the same debtor if —

(a)

in collateral or its proceeds, other than inventory, the purchase money security interest in the collateral or its proceeds is perfected within 10 working days after the day on which the debtor, or another person at the request of the debtor, obtained possession of the collateral;

(b)

in inventory or its proceeds, the purchase money security interest in the inventory or its proceeds is perfected at the time the debtor, or another person at the request of the debtor, obtains possession of the collateral; or

(c)

in an intangible or its proceeds, the purchase money security interest in the intangible or its proceeds is perfected within 10 working days after the day on which the security interest in the intangible was created.