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Chapter 8
Priority and registration of charges
Priority
The priority of a charge depends on the type of charge and whether or not it has
been registered:
Equal charges – first
created has priority
Fixed charge has
priority over a floating
charge.
An unregistered
registerable charge
has no priority over a
registered charge.
A charge-holder can prohibit the creation of a later charge with priority, but the
prohibition is only effective if a subsequent chargee has notice of the prohibition as
well as the charge.
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