Secured Transactions Act 2024 · As enacted · Part VI · Registration
60. Debtor etc, may require amendment statement
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
Where a financing statement is registered and one of the conditions set out in Column I of the Table set out below is satisfied, the debtor or any person with an interest in the property which falls within the description of the collateral in the financing statement, may give a notice in writing (hereinafter referred to as a “requirement notice”) to the secured party named in the financing statement or its authorized agent.
The requirement notice shall-
specify the condition which is satisfied ;
require the secured party to file an amendment statement, specifying the effect as indicated in Column II of the Table set out below, corresponding to the condition set out in Column I of the Table;
and
inform the secured party that the failure to comply with the requirement notice may result in the person who gives the notice, filing the appropriate amendment statement.
TABLE
Column I
Column II
Condition
Effect
That the obligation under all the security agreements to which the financing statement relates has been performed.
That the secured party has agreed to release part or all of the collateral described in the financing statement.
To discharge the registration.
To amend or discharge the registration so as to reflect the terms of the security agreement.
Where the person giving a requirement notice is not the sole debtor, he shall be required to give a copy of the requirement notice to every other debtor to whom the financing statement relates, within five working days of the requirement notice being issued to the secured party.
Where the secured party fails, within fourteen working days after a requirement notice is issued, to-
comply with such notice; or
(i)
commence proceedings in any court having appropriate jurisdiction to obtain an order to maintain the registration to which the requirement notice relates;
notify the person who issued the notice;
and
file in the prescribed form with the
Registrar, information about the case number and date of commencement of the proceedings,
That the description of the collateral in the financing statement includes an item or a kind of property that is not a collateral under a security agreement between the secured party and the debtor.
That no security agreement exists between the persons named in the financing statement as the secured party and the debtor.
To amend the description of collateral to exclude items or kinds of property that are not collateral under the security agreement between the secured party and the debtor.
To discharge the registration or where the debtor is not the sole debtor, to amend the registration.
the person who issued the requirement notice may file an amendment statement as requested by such notice.
Where the court does not give an order in any proceeding commenced under subsection (4) within thirty working days or within such longer period as the court may direct, the person who issued the requirement notice may file an amendment statement as requested by such notice.
The provisions of subsections (4) and (5) shall not apply to a trust case, and in such a case, a court having appropriate jurisdiction may, on application made in that behalf by a person issuing the requirement notice, direct that the registration be amended or discharged, if-
one or more of the conditions specified in the requirement notice are satisfied; and
the secured party does not comply with the requirement notice for the purpose of giving effect to the order, and the court may make such order as it deems appropriate for the purpose of giving effect to the direction issued by it.
A requirement notice required to be issued under this section, shall be issued in such manner as may be prescribed.
For the purpose of this section, a “trust case”
means a case in which the financing statement discloses that the secured party is a trustee.
Part VII
General Provisions
Part VIII
Repeals and Savings
Part IX