Secured Transactions Act · 2022 Revised Edition · Part · General
86. Secured party to provide certain information relating to security interests
Official textFrom Attorney General's Chambers, unchanged
A debtor may request the secured party to send or make available to any specified person, at an address specified by the debtor making the request, any of the following information —
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);
a summary of a security agreement that creates or provides for a security interest held by the secured party in the personal property of the debtor;
a statement in writing of the amount of the indebtedness and of the terms of payment of the indebtedness;
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a written approval or correction of an itemised list of personal property indicating which items are collateral, unless the security interest is over all of the personal property of the debtor; or
a statement of account indicating the payoff amount needed to fully satisfy the secured obligation.
A secured party shall comply with the request made under subsection (1) within 10 working days of its receipt, unless the secured party has been exempted under subsection (5).
If, without reasonable excuse, the secured party fails to comply with the request within the specified period, the debtor making the request may apply to the Court for an order requiring the secured party to comply with the request.
If the request is made and the secured party no longer has an interest in the obligation secured or collateral covered by the registration, the secured party shall send or make available to the debtor the name and address of the immediate successor in interest or transferee and, if known, the latest successor in interest or transferee.
collateral
“collateral” means personal property that is subject to a security interest;
The Court may, on application by a secured party, make an order to exempt the secured party from complying with subsections (1) and (2), in whole or in part, or may extend the time for compliance if the Court is satisfied that, in the circumstances, it would be unreasonable for the secured party to comply with the request.
A secured party who is required to respond to the request may charge the debtor the reasonable costs for providing the information.
A debtor shall be entitled to receive a reply without charge once every 3 months.
If the secured party fails to comply with an order of the Court made under subsection (3), the Court may —
issue an order —
declaring that the security interest to which the request relates is to be treated as unperfected or extinguished;
and
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directing the Registrar to discharge and remove the registration relating to the security interest; and
make such other orders as it thinks proper for the purpose of giving effect to an order under this section.
Terms defined in s 3
collateral
Defined · s 3“collateral” means personal property that is subject to a security interest;
personal property
Defined · s 3“personal property” includes goods, chattel paper, documents of title, intangibles, investment securities, money and negotiable instruments;
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);
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;