The Official Commentary’s first comments on
Article 29 fully support this perspective on its
priority principles:
This Article lays down a set of priority rules
governing a registered interest in relation to
other registered interests and to every kind of
unregistered interest, whether or not registrable,
except a non-consensual right or interest
covered by a declaration by a Contracting State
under Article 39(1)(a) (see paragraphs 4.269 et
seq.) and a pre-existing right or interest (see
Article 60 and paragraphs 4.348 et seq.).