11. Contents of initial notice

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Every initial notice shall contain—

(i)

the national identity card number of a debtor and the name of the debtor with a mailing address within

Sri Lanka and in the case of a body corporate the registration number applicable thereto;

(ii)

the national identity card number of the secured party or an agent authorized by the secured party in writing and in the case of a body corporate the registration number applicable thereto and the mailing address within Sri Lanka of the secured party or of such agent or of the body corporate;

(iii)

a description of the collateral covered by the notice;

and

(iv)

any other prescribed information required to assess the creditworthiness of any person specified in section 2 of this Act:

Provided however, a notice shall, if such collateral covers future expectations of fixtures, contain a description of the relevant movable property.

(2)

A person who secures an obligation with a collateral shall be entitled to file an initial notice only where the debtor authorizes the filing of such notice. Such authorization shall however not form part of the notice.

(3)

Any debtor specified in section 2 of this Act shall authorize the filing of an initial notice covering the collateral specified in the security agreement and the proceeds, if any, of the collateral , by signing the agreement which he entered into irrespective of the period covered by such agreement.

(4)

An initial notice may be filed before entering into a secured transaction.

Read on from s 12

Part III

Amendment, Continuation and Termination of the Notice

Read on from Part III

Part IV

Miscellaneous

Read on from Part IV