Cap, 14:35 Movnsm PnopeRTy Srcumry INrsRHsts No.9n0I7 (2) The priority of a security interest applies to all collateral descriM in a notice rcgistered in the Collaleral Registry, inespective of whether it is acquired by the debtor or comes into existence before or after the time of registration. Priority of security interest in proceeds andfungibles I l. (l) If a security interest in proceeds of the collateral is perfected as provided in pragraph 6 of the Firet Schedule, the priority of the security interest in the proceeds is the same as the priority of the security interest in that asset. (2) Where fungibles are commingled with other fungibles of ttre same kind, then if there are hilo or more seurity interests in the fungibles before they were commingled those interests shall retain the same priority as against each other as they had iaunediately before the commingling. Rights of buyers or other transferees,lessees or licewees af collateral 12.(L) If the collateral is sold or othenvise Eansferred,leased or licensed and a security interest in that collateral is perfected at the time of the sale s other tansfer, lease or license, a btryeror othpr transfe,ree,lesse on licensee acquires its rights subject to the security interest except as provided in this paragraph. (2) A buyer m other tansferce of the collateral acquirc its rigbts ftee of the security interest, if the secured seditor authorises the sale or ottrer transfer of the asset fiee of the security intercst. (3) The rights of a lessee on licensee of the collateml are not afected by a security interest if the secured creditor authorises the lease or licence as ifunaffected by the security interest. ( (4) Subject to paragaph I ), a buyer in good faith of tangible collateral sold in the ordinary course ofthe seller's business acquires his orherrights ftee ofthe security interest. (5) The rights of a lessee of tangible collateral leased in good faith in the ordinary course of the lessor's business arc not affecrcd by the security interest. (6) The rights of a non+xclusive licensee of inungible collateral licensed in gpod faith in the ordinary course of the licensor's business ate rpt affected by the secudty interest. (?) If m other transferee of tangibte collarcral acquires its rights free of a security interest, any subsequent buyer or ottler transferee also acquires its rights a buyer free of that security interest. (8) If the rights of a lessee of a tangible collat€ral or licensee of intangible collateral are not affected by the security intercst, the rights of any sub"lessee or sublicensee are also unaffectedby that strufity interest. Impact of debtor's insolvency or liqaidation m priority of a security interest 13, (t) A security inte,rest that is perfected under this Act at the time of the conunerrcenrentofinsolvercyorliquidationproceedingswfthrcspect othedebtsremains perfected and rctains fte prio'rity it had befse the corrmencement of the insolvency proceedings, unless another claim has priority pursuant to the insolvency law. (2) For the purpose of insolvency or liquidation prcceedings , a security interest perfected by registration shall be deemed to be a special notarial bond over movables, and if the insolvent estate or company under liquidation consisg of security interests in the nature of a notarial bond registercd in a deeds registry and another or others are perfected by registration in the Collateral Regisfry; the latter shall have priority over the fomrer. 167