Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies in relation to a registration with respect to a security interest if:
(a) collateral described in the registration is:
(i) used, or intended to be used, predominantly for personal, domestic or household purposes; or
(ii) registered with a serial number (see subsection (3)); and
(b) a security interest in the collateral that was perfected by the registration becomes unperfected at a particular time (the unperfection time ); and
(c) the end time for the registration is a time more than 5 business days after the day the unperfection time occurs.
Requirement to end effective registration
(2) The secured party must, before the end of 5 business days after the day the unperfection time occurs, apply to register a financing change statement under section 150 amending the registration to end its effect.
Note 1: The period may be extended by a court under section 293.
Note 2: If the secured party fails to discharge the obligation under this section, an action for damages may be available under section 271.
When collateral is registered with a serial number
(3) For the purposes of this section, collateral is registered with a serial number at a particular time only if a search of the register by reference to that time and by reference only to the serial number of the collateral is capable of disclosing the registration.