Secured Transactions Act · 2022 Revised Edition · Part · Registration
Section 58A
Official textFrom Attorney General's Chambers, unchanged
The data in a registration may be removed from the register —
when the registration is no longer effective;
on the registration of a financing change statement discharging or partially discharging the registration; or
if the Registrar is satisfied that the data is frivolous or vexatious.
The Registrar shall, before he makes a decision under subsection (1)(c), give the secured party notice to show cause, within 10
Registrar
“Registrar” means the Registrar of Collateral Registry appointed under section 5 and includes any Deputy Registrar of Collateral Registry;
working days of the date on which the notice is given, why the data is not frivolous or vexatious.
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.
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);
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.
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
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