South Australian Consolidated Acts

GOODS SECURITIES ACT 1986 - SECT 8B

8B—Time within which Registrar must register security interests, vary particulars or cancel registration

This Act is to be taken to require the Registrar to register a security interest, vary particulars of a registered security interest or cancel the registration of a security interest as soon as practicable after—

            (a)         the receipt of a due application for such registration, variation or cancellation under this Act; or

            (b)         the registration of the security interest, variation of particulars of the security interest or cancellation of the registration of the security interest, under a corresponding law,

but no right arises to compensation or damages under this Act or at law in relation to that duty unless the security interest remains unregistered, or the particulars of the security interest are not varied or the registration of the security interest is not cancelled, beyond the end of the day after the day of the receipt of the application, or the registration, variation of particulars or cancellation of the security interest under the corresponding law.