Secured Transactions Act · 2022 Revised Edition · Part · Registration
57. Debtor may demand registration of financing change statement
Official textFrom Attorney General's Chambers, unchanged
Without prejudice to section 56, the debtor may demand in writing to the secured party to amend or discharge the registration where —
secured party
“secured party” means a person in whose favour a security interest is created, including — (a) a consignor; (b) a financial lessor and a lessor who acquired goods under an operating lease; (c) a transferee of an intangible; (d) a seller who reserved title to the sold goods; or (e) a trustee or agent of the person referred to in paragraphs (a) to (d);
all of the obligations under the security agreement to which the registration relates have been performed and there is no commitment to make future advances;
Secured Transactions
the secured party has agreed to release part of the collateral described in the registration;
the collateral described in the registration includes an item or kind of property that is not collateral under a security agreement between the secured party and the debtor;
no security agreement exists between the parties; and
the security interest is extinguished in accordance with this
Act.
On receipt of the demand submitted under subsection (1), the secured party shall enter in the register, within 15 working days, a financing change statement —
financing change statement
“financing change statement” means the data required or authorised by this Act or the regulations to be entered in the register to renew, discharge, or otherwise amend a financing statement;
discharging the registration with respect to matters described in subsection 1(a),(d) or (e);
amending or discharging the registration as to reflect the terms of the agreement in a case within subsection (1)(b); or
amending the registration to release some property that is no longer collateral or that was never collateral under a security agreement between the secured party and the debtor referred to in subsection 1(c).
A secured party shall not charge any fee on the demand by the debtor under subsection (1).
(Repealed by S 76/2016).
Procedure where non-compliance with demand and no court order in cases not involving security trust deed [S 76/2016]
Terms defined in s 3
collateral
Defined · s 3“collateral” means personal property that is subject to a security interest;
financing change statement
Defined · s 3“financing change statement” means the data required or authorised by this Act or the regulations to be entered in the register to renew, discharge, or otherwise amend a financing statement;
secured party
Defined · s 3“secured party” means a person in whose favour a security interest is created, including — (a) a consignor; (b) a financial lessor and a lessor who acquired goods under an operating lease; (c) a transferee of an intangible; (d) a seller who reserved title to the sold goods; or (e) a trustee or agent of the person referred to in paragraphs (a) to (d);
security agreement
Defined · s 3“security agreement” means an agreement between the debtor and secured party that creates or provides for a security interest;
security interest
Defined · s 3“security interest” means a property right in personal property that is created by agreement and secures payment or other performance of an obligation, regardless of whether the parties have denominated it as a security interest, and includes the right of a seller in an instalment sale or a sale with retained title, but it does not include a personal right against a guarantor or other person liable for the payment of the secured obligation;
Part
Enforcement of Security Interests
Part