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srilawsby aturio
As enacted
Contents

Part III · Amendment, Continuation and Termination of the Notice

14. Validity of a notice

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

(1)

Every notice filed under this Act shall be valid for a period of five years from the date of filing unless the period of validity is extended by the filing of a continuation statement.

(2)

Upon the expiration of the validity of a notice, the security interest perfected by such notice shall become invalid unless the security interest is perfected without the filing of a notice.

(3)

If the security interest becomes invalid upon the expiration of the validity of such notice it shall be deemed never to have been perfected against a prior or subsequent purchaser of a collateral for value.

Read on from s 15

Part IV

Miscellaneous

Read on from Part IV