Article 72 - Debtor may require financing change statement
(A) a financing statement is filed; and
(B) one of the conditions set out in column 1 of Table 1 in Schedule 2 to these
Regulations is satisfied, the Debtor, or any Person with an interest in Personal Property which falls within the Collateral description on the financing statement, may give a notice in writing (a "requirement notice") to the Secured Party.
(2) The requirement notice must:
(A) specify the condition which is satisfied;
(B) require the
Secured Party to file a financing change statement with the effect indicated in column 2 of Table 1 in Schedule 2 relating to that condition; and
(C) inform the
Secured Party that failure to comply with the requirement notice may result in the Person who gives the notice filing the appropriate financing change statement.
(3) If the
Person who gives a requirement notice is not the sole Debtor, he must send a copy of the requirement notice to every other Debtor to whom the financing statement relates within five Business Days of the requirement notice being given to the Secured Party.
Person who gives a requirement notice may file a financing change statement as requested in the requirement notice if the Secured Party does not, within 21 Business Days after the requirement notice is given, either:
(A) comply with the requirement notice; or
(B) apply for an order from the
QFC Civil and Commercial Court to maintain the filing of the financing statement to which the requirement notice relates and notify the Person who gave the requirement notice and the CRO accordingly.
(5) If the
CRO receives notification under Article 72(4)(B), it must as soon as reasonably practicable amend the entry on the register relating to the financing statement in question to show that it is the subject of a dispute.
(6) On application to the
QFC Civil and Commercial Court by a Secured Party, the QFC Civil and Commercial Court may order that the filing:
(A) be maintained on any condition and for any period of time that the
QFC Civil and Commercial Court considers appropriate, subject to Article 66 and Article 67; or
(B) be discharged or amended
CRO must amend the entry on the register relating to the financing statement accordingly.
(7) Notices under this Article 72 must be given in the prescribed manner.
|Inserted by QFCA RM2012-1 (as from 11th April 2012)|