Secured Transactions Act · s 58A

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58A.
(1) The data in a registration may be removed from the register —
(a) when the registration is no longer effective;
(b) on the registration of a financing change statement discharging or partially discharging the registration; or
(c) if the Registrar is satisfied that the data is frivolous or vexatious.
(2) The Registrar shall, before he makes a decision under subsection (1)(c), give the secured party notice to show cause, within 10
working days of the date on which the notice is given, why the data is not frivolous or vexatious.
(3) If the secured party fails within 10 working days of the date on which the notice is given to show cause to the Registrar’s satisfaction why the data is not frivolous or vexatious, the Registrar may, in his discretion, remove the data from the register.
(4) If data is removed from the register under subsection (1)(c), the court may, on the application of the secured party, make an order directing that the data be restored to the register if it is satisfied that the data is neither frivolous or vexatious and may make any other orders that it thinks.
(5) The Registrar shall restore the data to the register in accordance with the court order under subsection (4) as soon as practicable after receiving the order.

Secured Transactions

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s 58A

(1)

The data in a registration may be removed from the register —

(a)

when the registration is no longer effective;

(b)

on the registration of a financing change statement discharging or partially discharging the registration; or

(c)

if the Registrar is satisfied that the data is frivolous or vexatious.

(2)

The Registrar shall, before he makes a decision under subsection (1)(c), give the secured party notice to show cause, within 10

working days of the date on which the notice is given, why the data is not frivolous or vexatious.

(3)

If the secured party fails within 10 working days of the date on which the notice is given to show cause to the Registrar’s satisfaction why the data is not frivolous or vexatious, the Registrar may, in his discretion, remove the data from the register.

(4)

If data is removed from the register under subsection (1)(c), the court may, on the application of the secured party, make an order directing that the data be restored to the register if it is satisfied that the data is neither frivolous or vexatious and may make any other orders that it thinks.

(5)

The Registrar shall restore the data to the register in accordance with the court order under subsection (4) as soon as practicable after receiving the order.

Secured Transactions