Article 139 - Time of filing

(1) Filing of a financing statement is effective when a date, time and financing statement number are assigned to it by the CRO.
(2) A financing statement may be filed:
(A) before or after a Security Agreement is made; and
(B) before or after a Security Interest attaches.
(3) A financing statement may relate to one or more Security Agreements.
(4) The CRO shall not accept a filing:
(A) until any Prescribed Fees are paid; and
(B) which does not provide information relating to each category listed in Article 138(5).
(5) If the CRO is satisfied that an entry on the register was not filed in accordance with, or for the purposes of, this Part the CRO shall notify the Secured Party (or its agent) and any other person named on the financing statement. The CRO may remove the entry from the register 21 Business Days after such notification unless any recipient of such notice applies for an order from the QFC Civil and Commercial Court to maintain that entry on the register.
(6) On application to the QFC Civil and Commercial Court under Article 139(5), the QFC Civil and Commercial Court may order that the entry on the register:
(A) be maintained on any condition that the QFC Civil and Commercial Court considers appropriate; or
(B) be removed
and the CRO must amend the register as relevant to that financing statement accordingly.
Amended by QFCA RM2012-1 (as from 11th April 2012)