SECTION 57

Any duly registered transferable security subjected to publicity shall be binding on any third party from the date of entry in the chronological register of the Trade and Personal Property Right Register. Where the registration of competing securities encumbering one and the same asset are due on the same date, the entry with the earliest date shall be deemed to have been registered first irrespective of the order of the register mentioned above. Where the registration of competing securities encumbering one and the same asset are due on the same date by virtue of the title deeds having the same date, the securities shall be deemed to be of the same rank except where the transfers were made as security with an ownership reserve clause which shall then be deemed registered before the other securities irrespective of the order of the register mentioned above. Where the registration of an ownership reserve clause and any transfer made as security over one and the same asset are due on the same date, the ownership reserve clause shall be deemed to have been registered first irrespective of the order of the register mentioned above. Where the registration of transfers made as security over one and the same asset are due on the same date by virtue of the title deeds bearing the same date, the said asset shall be deemed to belong to the creditors in proportion to the amount of their financial claims irrespective of the order of the register mentioned above.