Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person with an interest (including a security interest) in collateral described in a registration with respect to a security interest may give a demand (an amendment demand ), in writing, to the secured party for a financing change statement to be registered to amend the registration as authorised by the following table:
Note: If the secured party does not comply with the amendment demand, the demand may be enforced under Subdivision A (administrative process) or Subdivision B (judicial process) of Division 2.
Authorised amendments | ||
Item | When amendment is authorised | What amendment is authorised |
1 | No collateral described in the registration secures any obligation (including a payment) owed by a debtor to the secured party. | Amendment to end effective registration (including an amendment to remove the registration). |
2 | The particular collateral in which the person has an interest does not secure any obligation (including a payment) owed by a debtor to the secured party. | Amendment to omit the collateral. |
(2) Data removed from the register because of an amendment in compliance with the amendment demand must not be made available for search in the register by reference to any time before (or after) the time of removal, if the Registrar so decides for the purposes of this subsection.
Note 1: Application may be made to the Administrative Appeals Tribunal for review of the Registrar's decision that the removed data is not to be made available for search in the register (see section 191).
Note 2: Incorrectly removed data may be restored under section 186.
(3) A secured party must not require payment for compliance with an amendment demand in relation to collateral that:
(a) at the time the security interest attached to the collateral, the grantor intended to use predominantly for personal, domestic or household purposes; or
(b) the grantor is using predominantly for personal, domestic or
household purposes.