Section 57
Debtor may demand registration of financing change statement
(1)
Without prejudice to section 56, the debtor may demand in writing to the secured party to amend or discharge the registration where —
(a)
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
B.L.R.O. 8/2022 35
(b)
the secured party has agreed to release part of the collateral described in the registration;
(c)
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;
(d)
no security agreement exists between the parties; and
(e)
the security interest is extinguished in accordance with this
Act.
(2)
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 —
(a)
discharging the registration with respect to matters described in subsection 1(a),(d) or (e);
(b)
amending or discharging the registration as to reflect the terms of the agreement in a case within subsection (1)(b); or
(c)
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).
(3)
A secured party shall not charge any fee on the demand by the debtor under subsection (1).
(4)
(Repealed by S 76/2016).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]