Secured Transactions Act · s 50

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s 50Validity of registration

(1)

The validity of the registration of a financing statement shall not be affected by a defect, irregularity, omission or error unless the defect, irregularity, omission or error is seriously misleading.

(2)

If there is a seriously misleading defect, irregularity, omission or error in —

(a)

the identifier of a debtor; or

(b)

the serial number of the collateral, if so assigned, the registration shall be invalid.

Secured Transactions

(3)

If it is alleged that a defect, irregularity, omission or error is seriously misleading, it is not necessary to prove that any person was actually misled by it.

(4)

An incorrect description of certain collateral shall not render the registration invalid with respect to other collateral sufficiently described in the financing statement.