Commonwealth Numbered Acts Commonwealth Numbered Acts(1) This Division sets out the priority between 2 security interests (a transferor‑granted interest and a transferee‑granted interest) if:
(a) a grantor transfers collateral (the transferred collateral ) to a transferee; and
(b) immediately before the transfer, a security interest (the transferor‑granted interest ) is attached to the collateral; and
(c) the transferee grants (whether before or after the transfer) a security interest (the transferee‑granted interest ) in the transferred collateral; and
(d) neither the transferor‑granted interest nor the transferee‑granted interest is currently perfected by control.
Note 1: If either or both of the interests are currently perfected by control under paragraph 21(2)(c), section 57 applies.
Note 2: If the priority between a transferor‑granted interest and a transferee‑granted interest is not covered by this section, then section 55 applies.
Note 3: For attachment and perfection in relation to transferred collateral, see section 34.
Note 4: For a grantor's rights in relation to transferring collateral, see section 79.
(2) This Division does not prevent a secured party from perfecting a security interest in any way in order to have priority over another security interest.