Secured Transactions Act · 2022 Revised Edition · Part · Registration
Section 58
Official textFrom Attorney General's Chambers, unchanged
The debtor making a demand under section 57(1) may enter in the register the financing change statement referred to in section 57(2) if the secured party —
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;
fails to comply with the demand within 15 working days after it is received; or
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fails, within 15 working days after the demand is received, to give to the debtor a court order to maintain the registration.
The Registrar shall give the secured party a notice stating that the financing change statement will be registered unless a court order to maintain the registration is served on the Registrar within 15 working days of the date on which the notice is given to the secured party.
Registrar
“Registrar” means the Registrar of Collateral Registry appointed under section 5 and includes any Deputy Registrar of Collateral Registry;
The notice referred to in subsection (2) must be given to the secured party as soon as reasonably practicable after the financing change statement is entered in the register.
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);
Removal of data from register [S 76/2016]
Terms defined in s 3
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;
Registrar
Defined · s 3“Registrar” means the Registrar of Collateral Registry appointed under section 5 and includes any Deputy Registrar of Collateral Registry;
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);
Part
Enforcement of Security Interests
Part