Administrative process—statements in relation to amendment demand

Current

For paragraph 180(3)(b) of the Act, the following statements must be made on the form:

(a)

that the person has given an amendment demand to the secured party, as required by section 178 of the Act;

(b)

that the amendment demand was given at least 5 business days before the day that the statement was given to the Registrar;

(c)

that:

(i)

no collateral described in the registration secures any obligation (including a payment) owed by a debtor to the secured party; or

(ii)

the collateral in which the person has an interest does not secure any obligation (including a payment) owed by a debtor to the secured party;

(d)

that:

(i)

the approved form is accompanied by any written response to the amendment demand received from the secured party; or

(ii)

no written response was received from the secured party;

(e)

that there are no proceedings currently before a court (including a court of appeal) that relate to the amendment demanded;

(f)

that the person will notify the Registrar if proceedings that relate to the amendment demanded come before a court (including a court of appeal);

(g)

that the security agreement providing for the security interest is not an instrument or other document:

(i)

by which a person issues or guarantees, or provides for the issue or guarantee of, an obligation secured by a security interest; or

(ii)

in which another person is appointed as trustee for the person to whom the obligation secured by the security interest is owed;

(h)

that the information contained in the form is correct.

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