Secured Transactions Act 2009 · As enacted · Part III · Amendment, Continuation and Termination of the Notice
18. Effectiveness of notice
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
An initial notice, amendment, continuation statement, or termination statement, shall be deemed to be valid from the date of registration and inclusion in the
Register.
The Credit Information Bureau of Sri Lanka may refuse to accept any document for registration—
where such document is an initial notice and such notice fails to provide the name of a debtor;
where such document is an amendment and the record fails to provide the name of a debtor;
where such document is a continuation statement and the record fails to provide the file number of the initial notice or has failed to deliver the same within a period of six months from the date of expiry of the first initial notice;
where such document is a termination statement and the record fails to provide the file number of the initial notice or the notice has lapsed with respect of each secured party who’s name is specified in the notice; and
where the obligor has failed to pay the required fee or no arrangement has been made for the periodic payment of fees.
Where Credit Information Bureau of Sri Lanka refuses to accept a record for reasons other than the ones set out in this Act, such record shall be valid as filed of record except against in the purchase of collateral that gives the value in reasonable reliance upon the absence of the record from the files.
Where the Credit Information Bureau of Sri Lanka refuses to accept a record for filing, it shall promptly communicate such fact with reasons, if any for its refusal, to the person who presented the record.
A notice authorized by one secured party on the notice shall not affect the rights of another secured party on the notice.
Part IV