Secured Transactions Act · s 27

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s 27Non-proceeds security interests in accounts receivable

(1)

A security interest in accounts receivable that is given for new value shall have priority over a purchase money security interest in the accounts receivable as proceeds of inventory if the security interest in the accounts receivable is registered before the purchase money security interest in the inventory.

(2)

In this section, “new value” means value other than antecedent debt or liability.

Priority of security interests in accessions