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srilawsby aturio
As enacted
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Contents

3. Provisions relating to inland trust receipts registered under the Registration of Documents Ordinance

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

Where on the appointed date an inland trust receipt which has been registered under the Registration of

Documents Ordinance (Chapter 117) as a bill of sale is in force, such inland trust receipt shall, for a period of two years from the appointed date, continue to be enforceable, but shall be required to be registered under the relevant provisions of the Secured Transactions Act, No. 17 of 2024 as a bill of sale, prior to the expiration of such period of two years.

(2)

A bill of sale referred to in subsection (1) shall, on being registered under the Secured Transactions Act,

No. 17 of 2024, be deemed to have been perfected from the date on which such bill of sale initially became legally enforceable, and any priority which such bill of sale became entitled to at the time it initially became legally enforceable, shall continue to prevail.

(3)

A bill of sale referred to in subsection (1) which is not registered under the Secured Transactions Act, No. 17 of 2024 prior to the expiration of two years from the appointed date, shall become legally unenforceable after the expiry of such period.

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