Article 24 - Default priority rules

(1) If these Regulations do not otherwise determine priority between conflicting Security Interests, the following rules apply:
(A) a perfected Security Interest has priority over an unperfected Security Interest;
(B) priority between perfected Security Interests is determined by the order of perfection;
(C) priority between unperfected Security Interests is determined by the order of attachment.
(2) For the purposes of this Part the priority of a Security Interest in Collateral also determines the priority of a perfected Security Interest in Proceeds of, and any Supporting Obligation supporting, the Collateral.
(3) A transferee of a Security Interest has the same priority with respect to perfection of the Security Interest as the transferor had at the time of transfer.
(4) A Security Interest provided for by a Security Agreement has the same priority in respect of all Advances (including future Advances), and the performance of all obligations, secured by the Security Agreement.