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The Law of Security and Title-Based Financing, 3rd Edition by Beale, Hugh; Bridge, Michael; Gullifer, Louise; Lomnicka, Eva (8th March 2018)

Part IV Priorities, 12 Introduction to Priorities

From: The Law of Security and Title-Based Financing (3rd Edition)

Hugh Beale, Michael Bridge, Louise Gullifer, Eva Lomnicka

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 17 October 2019

Subject(s):
Guarantees and security

This chapter provides a discourse of the nemo dat rule as the general priority rule, followed by discussions of the exceptions to that general rule. Nemo dat quod non habet is the general priority rule in relation to all interests, whether absolute or by way of security. Fully translated as ‘no one can give what they do not have’, the effect of the rule is that as between two interests, the one first in time has priority. The chapter, however, only considers priority between two or more security interests and priority between security interests and absolute interests. The only discussion of priority between absolute interests is where absolute interests are used as financing devices, either by means of the transfer or the retention of title.

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