Commentary on Sections Part 2 – Security over Moveable Property Enforcement of pledge Section 69 – Sale: unencumbered acquisition
308.This section provides for the effect of a sale of the encumbered property under section 68 on the rights of:
309.It provides that the purchaser acquires the property free of the pledge that is being enforced, and of any rights in security or diligence which rank equally with or after the pledge.
310.It provides a separate rule for higher ranking rights in security or diligence. These continue to encumber the property unless the relevant creditor consented to the sale.