Examples of using Priority conflict in English and their translations into Russian
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Official
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Colloquial
Under the lex protectionis approach, this priority conflict would be governed by the laws of State Y.
In order to address that concern,the suggestion was made that the alternative text should be revised to address that priority conflict.
Yet another type of priority conflict is where one of the secured creditors is the depositary bank itself.
For example, the conflict between a seller that has retained title to an asset, a third party to whom the debtor has purportedly sold the asset anda judgement creditor of the purchaser with a right in the asset is characterized as a priority conflict.
A second type of priority conflict is that between two security rights, each of which is made effective by control.
The law recommended in the Guide may, however,affect the rights of an outright transferee of an encumbered asset to the extent that there is a priority conflict between the rights of that transferee and the rights of a secured creditor with a security right in the asset.
Several types of priority conflict may arise with respect to security rights in assets that later became attachments to movable assets.
Under the first hybrid approach(see recommendation 248,option B), this priority conflict would be governed by the law of State X, in which the grantor is located.
A third type of priority conflict may arise between an acquisition security right in an encumbered asset that becomes an attachment to immovable property and an encumbrance in the immovable property.
The rationale for this priority rule is that it resolves the priority conflict in favour or preserving the unfettered negotiability of negotiable instruments.
However, a priority conflict involving the rights of a competing third party registered in the immovable property registry of the State in which the immovable property is located is governed by the law of that State.
The rationale for this rule is that it resolves the priority conflict in favour of preserving the unfettered negotiability of negotiable instruments.
Another priority conflict may arise between a security right in an asset that later became an attachment to a movable asset and a security right in the relevant movable asset to which the attachment was attached where both have been registered in the general security rights registry.
As the conflict just described by the representative of the United States was not a priority conflict under the draft Guide, it was unclear to him what should be inserted in the commentary.
However, the law applicable to a priority conflict involving the right of a competing claimant that is registered in an immovable property registry is the law of the State under whose authority the registry is maintained.
Where that buyer also had a secured creditor which had made its security right effective against third parties with respect to the buyer, a priority conflict with respect to the encumbered asset would arise between the grantor's secured creditor and the buyer's secured creditor.
However, it was agreed that a priority conflict between a security right in, and the right of a transferee of, non-intermediated securities should be addressed.
Mr. Bazinas(Secretariat) said that recommendation 216,which provided that the relevant location was that of the grantor at the time the priority conflict arose, might create the impression that the assignee in the original location would automatically lose priority. .
A fifth type of priority conflict can arise between a security right in a right to payment of funds credited to a bank account and the rights of a transferee of funds from that bank account, where the transfer is initiated by the grantor.
If the licensee also grants a security right in its rights as a sub-licensor against the sub-licensee, no priority conflict arises under the law recommended in the Guide between the two security rights because they encumber different assets.
One type of priority conflict is between a security right made effective against third parties by control and a security right made effective against third parties by a method other than control.
It was also stated that, by referring to the lex protectionis,alternative A would result in the application to a priority conflict between a transferee and a secured creditor of the same law that would apply to a priority conflict between two secured creditors.
A fourth type of priority conflict may arise between two security rights in assets that later became attachments to one or more movable assets where both rights have been made effective against third parties by registration in a specialized registry or notation on a title certificate.
Note to the Commission: The Commission may wish to note that the commentary will explain that recommendations V andW are supplemented by recommendations 76, 77(to the extent that there is a priority conflict between a security right or right of set-off of the depositary bank and a security right of another person) and 106 bis, 107 and 108 enforcement against the depositary bank.
The Working Group noted that, under the Guide, in a priority conflict between a security right registered in an intellectual property rights registry and a security right registered in the general security rights registry, the former would prevail see recommendation 77.
The Committee recalled its decision to revert to the question of the law applicable to a priority conflict between a possessory security right in a negotiable document and a non-possessory security right in the tangible property covered by the document see para. 110 above.
A third type of priority conflict may arise between a security right in an asset that later became an attachment where that security right was made effective against third parties by registration in a specialized registry or notation on a title certificate and a security right in the related movable asset that was registered in the general security rights registry.
The commentary already explained that a priority conflict arose only where competing claimants had taken a security right from the same person.
The Committee agreed that such a priority conflict should be referred to the law of the State in which the negotiable document was located.
As a practical matter, this particular type of priority conflict is quite rare, because in most cases the beneficiary of the receivable will also be the beneficiary of the independent undertaking.