Commonwealth Consolidated Acts

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 181

  (1)   If an amendment notice is given to a secured party under section   180, after the end of the period covered by subsection   (3), the Registrar must (at his or her initiative) register a financing change statement amending the registration (including an amendment to remove the registration) in accordance with the amendment demand, unless the Registrar suspects on reasonable grounds that the amendment is not authorised under section   178.

  (2)   However, the Registrar may register such a financing change statement before the end of the period covered by subsection   (3) if:

  (a)   the secured party has responded to the invitation in the amendment notice; and

  (b)   the Registrar has no reason to believe that the secured party intends to give a further response.

  (3)   The period covered by this subsection is:

  (a)   5 business days after the day the amendment notice is given to the secured party; or

  (b)   a longer period approved by the Registrar (in relation to the particular amendment demand, or to a class of amendment demands) after the amendment notice is given to the secured party.

  (4)   In making a decision about whether to register a financing change statement amending the registration in accordance with the amendment demand, the Registrar must consider:

  (a)   the response (if any) of the secured party to the invitation in the amendment notice; and

  (b)   any other relevant information.

  (5)   Data removed from the register because of an amendment under this section 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:   The provision of false or misleading information in any response to the invitation may be an offence against Part   7.4 of the Criminal Code .

Note 2:   The Registrar must give a verification statement to each secured party after the registration of a financing change statement (see section   156).

Note 3:   Application may be made to the Administrative Appeals Tribunal for review of certain decisions of the Registrar about registration (see section   191).

Note 4:   This section stops applying if proceedings come before a court under section   182 in relation to the amendment demanded (see subsection   179(2)).

Note 5:   Incorrectly removed data may be restored under section   186.