(1) Subject to sections 56, 59, 60, 62, 63 and 64, priority amongst competing security interests created by the same grantor in the same encumbered property —
(a) as between security interests each of which was made effective against a third party by registration of an initial notice, is determined by the order of registration, without regard to the order of creation of the security interests;
(b) as between security interests each of which were made effective against a third party other than by registration of an initial notice, is determined by the order of third-party effectiveness; and
(c) as between a security interest that was made effective against a third party by registration of an initial notice and a security interest that was made effective against a third party other than by registration of an initial notice, is determined by the order of registration or third-party effectiveness, whichever occurs first for each of the security interests.
(2) Subject to section 43, priority amongst competing security interests created by different grantors in the same encumbered property is determined under subsection (1).