Section 31: Priority of holders of negotiable instruments and title documents

A holder of a negotiable instrument or title document shall have priority over a perfected Security Interest in the negotiable instrument or the title document where the holder: (a) gave value;
(b) acquired the negotiable instrument or the title document without knowledge that the transaction is in breach of the Security Agreement to which the Security Interest relates; and
(c) took possession of the negotiable instrument or the title document.