Convention on International Interests in Mobile Equipment Act, 2007 (Act No. 4 of 2007SchedulesSchedule 1 : ConventionChapter IX : Assignments of Associated Rights and International Interests; Rights of SubrogationArticle 36 - Assignee's priority with respect to associated rights |
| (1) | The assignee of associated rights and the related international interest whose assignment has been registered only has priority under Article 35 (1) over another assignee of the associated rights— |
| (a) | if the contract under which the associated rights arise states that they are secured by or associated with the object; and |
| (b) | to the extent that the associated rights are related to an object. |
| (2) | For the purposes of subparagraph (b) of the preceding paragraph, associated rights are related to an object only to the extent that they consist of rights to payment or performance that relate to— |
| (a) | a sum advanced and utilised for the purchase of the object; |
| (b) | a sum advanced and utilised for the purchase of another object in which the assignor held another international interest if the assignor transferred that interest to the assignee and the assignment has been registered; |
| (c) | the price payable for the object; |
| (d) | the rentals payable in respect of the object; or |
| (e) | other obligations arising from a transaction referred to in any of the preceding subparagraphs. |
| (3) | In all other cases, the priority of the competing assignments of the associated rights shall be determined by the applicable law. |