Article 13 Ranking of statutory pledges over financial instruments

(1)

This article applies where—

(a)

a provider grants two or more statutory pledges over a financial instrument which is not the property of the provider at the time the pledges are granted, and

(b)

at least one of those pledges was created under article 7(2).

(2)

The priority in ranking of the pledges is determined according to the dates on which and times at which they—

(a)

were registered effectively (see section 91 (effective registration of statutory pledge) and section 92 (effective registration of amendment to statutory pledge) of the Act), or

(b)

first met the requirement of article 7(3)(b),

the earlier having priority over the later.

(3)

Section 60(2) of the Act (ranking) does not apply where this article applies.