Where a secured creditor —
(a) sells or disposes of an encumbered property, the buyer or other transferee acquires the right of the grantor in the property free of the rights of the secured creditor enforcing the security interest and each competing claimant except the rights that have priority over the security interest of the secured creditor enforcing the security interest;
(b) leases or licenses an encumbered property, the lessee or licensee may benefit from the lease or licence during its term, except as against a creditor with a right that has priority over the right of the secured creditor enforcing the security interest;
(c) sells or disposes of, leases or licenses the encumbered property and does so in violation of this Part, the buyer or other transferee, lessee or licensee of the encumbered property acquires the rights or benefits referred to under paragraphs (a) and (b) if the buyer or other transferee, lessee or licensee does not have knowledge of non-compliance with this Part that materially prejudiced the rights of the grantor or another person.