This raises the logical question of what
happens if there is a nationally conferred
NCRI with local law priority (even without
any registration in its jurisdiction), but the
Contracting State elects not to declare that
category of NCRI under Article 39. In that
case, the undeclared NCRI comes within
the definition of ‘unregistered interest’ and
will lose in a priority match with a registered
interest pursuant to Article 29(1).