Article 56 - Request for information from Secured Party

(1) A Debtor, a judgment creditor, a person with a Security Interest in the Personal Property of the Debtor, an auditor of the Debtor and an authorised representative of any of them may by notice in writing (an "information request") require a Secured Party to make available to any specified Person, at an address specified in the information request, any of the following:
(A) a copy of the Security Agreement that provides for the Security Interest;
(B) a statement in writing setting out the amount of the obligation that is secured by the Security Interest and the terms of payment or performance of the obligation, as at the day specified in the request;
(C) a written approval or correction of an itemised list of Personal Property attached to the request indicating in which items of Personal Property the Security Interest is granted, as at the day specified in the request;
(D) a written approval or correction of the following attached to the request, as at the day specified in the request:
(i) the amount or the obligation that is secured by the Security Interest;
(ii) the terms of payment or performance of the obligation.
(2) The Secured Party must comply with the information request not later than 10 Business Days after receiving it.
(3) Subject to paragraph (4), if, without reasonable excuse, the Person who receives an information request fails to comply with paragraph (2), the requesting party, in addition to any other remedy provided by these Regulations, may apply to the QFC Court for an order under paragraph (6).
(4) Where a Person who receives an information request no longer has an interest in the obligation or Personal Property of the Debtor which is the subject of the request, the Person must, not later than 10 Business Days after receiving the information request, disclose the name and address of the immediate successor in interest and, if known, the current successor in interest.
(5) If, without reasonable excuse, the Person who receives an information request fails to comply with paragraph (4) the requesting party may apply to the QFC Court for an order under paragraph (7).
(6) On application by a Secured Party or the requesting party, the QFC Court may:
(A) extend the time for compliance with an information request; or
(B) provided it does not prejudice the rights of a third party, make an order declaring that, in the event of a Secured Party's non-compliance with an information request:
(1) the Security Interest of the Secured Party with respect to which the request was made is unperfected or extinguished; and
(2) any related filing is discharged.
(7) On application by a requesting party under paragraph (5) the QFC Court may make an order requiring the person who failed to comply with an information request to pay to the CRO a financial penalty prescribed by the CRO.
(8) A Secured Party or a successor in interest mentioned in paragraph (4) who replies to an information request is prohibited for the purposes of these Regulations as against:
(A) the requesting party; or
(B) any other Person who can reasonably be expected to rely on the reply,

from asserting that the information contained in the reply to an information request is incorrect to the extent that the requesting party or other Person reasonably relies on it.
(9) The Person to whom an information request is made under this Article may require payment in advance of the Prescribed Fee for each information request.