15.01 This chapter deals with the situation where A disposes of assets in which B has an absolute or security interest to a third party C. The disposition may be absolute or by way of security. Normally, in this situation, the priority rules discussed in the last two chapters would determine whether B or C has priority. However, where the disposition is made with the consent or permission of B, then C will always take free from B’s interest. One example is where goods are disposed of with the authority or consent of the owner.1 Similarly, where a third party takes...
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