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 .