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srilawsby aturio
As enacted
Contents

Part III · Amendment, Continuation and Termination of the Notice

13. Effect of changes

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

(1)

Where an obligee waives the requirement of collateral while its security interest or the obligation remains in force, the initial notice filed of record shall continue to be valid and effective, notwithstanding the fact that the knowledge or consent of the secured party may or may not have been obtained for such waiver.

(2)

Where a notice filed of record becomes misleading due to change of the name of the debtor, the notice shall be valid and effective in order to perfect a security interest in collateral acquired by a debtor within four months from the change of name of the debtor:

Provided however such notice shall be valid and effective to perfect a security interest acquired by the debtor after four months from the date of change of the name, if such change is brought to the notice of the Credit Information Bureau of

Sri Lanka within four months from the date of such change.

(3)

A notice remains valid and effective after the change of the name of the debtor unless due to change of circumstances the notice fails to contain an accurate description of the details of the debtor.

Read on from s 14

Part IV

Miscellaneous

Read on from Part IV