Under Article 29(1), the Convention provides
its basic rule that a ‘registered interest has
priority over any other interest subsequently
registered and over an unregistered interest’.
Nowhere in Article 29 is there any exception
referencing Article 39 NCRIs that are not
registered, and on its face it would appear that
the text of Article 29 is inconsistent with the
foregoing Official Commentary since Article
29 makes a registered interest superior to all
unregistered interests