SECURED TRANSACTIONS IN MOVABLE ASSETS

Section 28: Priority of security interests in processed or co-mingled goods

2017Section 28 of 64Federal Republic of Nigeria

(1) A perfected Security Interest in goods that subsequently become part of a product or mass shall continue as a perfected Security Interest in the product or mass if the goods are so manufactured, processed, assembled or co-mingled that their identity is lost in the product or mass.
(2) If more than one Security Interest is perfected in the goods before they become part of a product or mass, the Security Interests rank equally in proportion to the value of the goods at the time they became part of the product or mass.

Cite this section

Section 28, SECURED TRANSACTIONS IN MOVABLE ASSETS (2017).

https://repo.podus.ai/laws/secured-transactions-in-movable-assets/section/28/