Secured Transactions Act 2024 · As enacted · Part III · Creation of Security Rights and Rights of Parties
27. Obtaining information about the security agreement
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The debtor or an authorized representative of the debtor may, by notice in writing given to the secured party, require such secured party to furnish to such person-
a statement in writing of the amount of the indebtedness and the terms of payment thereof, as of the date specified in the notice;
a statement in writing approving or correcting as of the date specified in the notice, a statement of the collateral or part thereof as specified in a list attached to such notice;
a statement in writing approving or correcting as of the date specified in the notice, a statement of the amount of indebtedness and of the terms of payment thereof; or
a true copy of the security agreement.
The provisions of subsection (1) shall not apply where the secured party is the trustee under a trust indenture.
If the secured party claims a security right in all of the collateral or in all of a particular type of collateral owned by the debtor, the secured party may indicate such fact, in lieu of approving or correcting the list of such collateral required to be attached to the notice under paragraph (b) of subsection (1).
Subject to the payment of any fee required under subsection (6), the secured party shall respond to a notice issued under subsection (1) within fifteen days of receiving the same, and if the secured party without a reasonable excuse-
fails to respond within the fifteen days period, the secured party shall be liable for any loss or damage caused thereby to any person who is entitled to receive information under that subsection; or
gives any response which is incomplete or incorrect, the secured party shall be liable for any loss or damage caused thereby to any person who may reasonably be expected to rely on such response.
Where a person who receives a notice under sub-section (1) no longer has an interest in the obligation or prop-erty of the debtor that is the subject matter of the notice, such person shall, within fifteen days of the receipt of such notice, disclose the name and address of the immediate successor in such interest, and if known, the latest successor to such inter-est. If such person fails to make such disclosure without a reasonable excuse, the person making the request shall, in addition to any other remedy that may be provided for by this
Act, be entitled to apply to court under section 28, for an order to comply with the request.
A person to whom a request is made under this section, may require the payment of a prescribed fee in ad-vance, for each request made, however, a debtor shall be entitled to a reply free of charge, once in every six months.
Part IV
Perfection
Part V
Priorities
Part VI
Registration
Part VII
General Provisions
Part VIII
Repeals and Savings
Part IX