Secured Transactions Act · s 32

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s 32Priority where more than one security interest continues in processed or commingled goods

(1)

A perfected security interest continuing in the product or mass shall have priority over an unperfected security interest continuing in the same product or mass.

(2)

If more than one unperfected security interest continues in the same product or mass, each unperfected security interest shall be entitled to share in the product or mass according to the ratio that the obligation secured by the unperfected security interest bears to the sum of the obligations secured by all unperfected security interests in the same product or mass.