Part IV Priorities, 12 Introduction to Priorities
Hugh Beale, Michael Bridge, Louise Gullifer, Eva Lomnicka
- Security interest
12.01 The first part of this chapter consists of a discussion 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.1 In this book, however, we only consider priority between two or more security interests and priority between...