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“In the event that there are two similar charges on the same asset, the charge which is registered first has priority over the one registered second”
No, the statement is not true. The one with priority is the charge which was created first, not necessarily the one which was registered first
Is the above statement true ? i always though its was the registered first not created ?
can you please clarify this for me .
So essentially if you register a charge correctly i.e. within 21 days then the effective date is not the date of registration but actually the date it was created.
I hope that clarifies.
so its always the charge which is created first and registered with 21 days get priority.
Yes exactly. Unless you register a charge you will not get priority!