Section 86
Secured party to provide certain information relating to security interests
(1)
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 —
(a)
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;
(b)
a statement in writing of the amount of the indebtedness and of the terms of payment of the indebtedness;
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(c)
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
(d)
a statement of account indicating the payoff amount needed to fully satisfy the secured obligation.
(2)
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).
(3)
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.
(4)
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.
(5)
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.
(6)
A secured party who is required to respond to the request may charge the debtor the reasonable costs for providing the information.
(7)
A debtor shall be entitled to receive a reply without charge once every 3 months.
(8)
If the secured party fails to comply with an order of the Court made under subsection (3), the Court may —
(a)
issue an order —
(i)
declaring that the security interest to which the request relates is to be treated as unperfected or extinguished;
and
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(ii)
directing the Registrar to discharge and remove the registration relating to the security interest; and
(b)
make such other orders as it thinks proper for the purpose of giving effect to an order under this section.