5. Effect of property in goods being bound

(1) An assignment or transfer of any interest of the debtor's in goods while the property in them is bound for the purposes of an enforcement power —
(a) is subject to that power; and
(b) does not affect the operation of this Schedule 1 in relation to the goods, except as provided by paragraph 40 (application to assignee or transferee).
(2) Sub-paragraph (1) does not prejudice the title to any of the debtor's goods that a person acquires —
(a) in good faith;
(b) for valuable consideration; and
(c) without notice.
(3) For the purposes of sub-paragraph (2)(a), a thing is to be treated as done in good faith if it is in fact done honestly (whether it is done negligently or not).
(4) In sub-paragraph (2)(c) "notice" means —
(a) where the property in the goods is bound by a writ, notice that the writ, or any other writ by virtue of which the goods of the debtor might be seized or otherwise taken control of, had been received by the person who was under a duty to endorse it and that goods remained bound under it;
(b) where the property in the goods is bound by notice under paragraph 7(1) (notice of enforcement), notice that that notice had been given and that goods remained bound under it.