Alternatively, the floating chargee may have an inchoate type of proprietary interest, with characteristics that are proprietary but of a lesser order than the proprietary interest of a chargee with a fixed charge.
Another possibility is that the holder of a floating charge may have the same quality of proprietary interest as a fixed chargee, but one that is subject to defeasance[REF] or overreaching[REF] by permitted dealings by the chargor with the charged assets.