(1) Subject to section 61, the rights of a judgement creditor have priority over a security interest if, before the security interest is made effective against third parties, the judgement creditor has seized or levied on the encumbered property.
(2) Where a security interest is made effective against a third party before or at the same time the judgement creditor acquires a right in an encumbered property by seizing or levying on the encumbered property, the security interest has priority, and that priority is limited to the greater of the credit extended by the secured creditor —
(a) before the secured creditor received a notification from the judgement creditor that the judgement creditor has taken steps under subsection (1) or within 20 days after the judgement creditor has seized or levied on the encumbered property; or
(b) pursuant to an irrevocable commitment of the secured creditor to extend credit in a fixed amount or an amount to be fixed pursuant to a prescribed formula, if the commitment was made before the secured creditor received a notification from the judgement creditor that the judgement creditor had taken the steps under subsection (1).