Article 142 - Errors in financing statement

(1) A financing statement is not effective:
(A) if it contains a defect, irregularity, omission or error such that the existence of the Security Interest would not be discovered by a reasonable search under Article 145 (whether or not a search is actually carried out); or
(B) to the extent that it purports to include Collateral not mentioned in any Security Agreement to which it may relate.
(2) Failure to provide a description in a financing statement in relation to any item or kind of Collateral does not make the filing ineffective with respect to other Collateral described in the financing statement.
(3) Without limiting the generality of paragraph (1), a purchaser of Goods with a Unique Identifying Number who searches the register using that number alone is taken to have made a reasonable search.
(4) Failure to provide the correct Unique Identifying Number in relation to any item of Collateral does not make the filing ineffective with respect to other Collateral described in the financing statement.
(5) The effectiveness of a financing statement is not otherwise affected by any defect, irregularity, omission or error not specified in paragraph (1).
Amended by QFCA RM2012-1 (as from 11th April 2012)