Section 53
Registration of transfer of perfected security interests
ActIn forceProvision 48 of 87
Section 53
(1)
If a secured party transfers a security interest perfected by registration, the transferred security interest shall remain effective.
Secured Transactions 34
(2)
The transferee is not required to amend the registration that names the transferor as the secured party or to register a new financing statement against the debtor.