10 March 2017
Upon obtaining a release at a purchase settlement:
1) do I lodge it?
2) is there a fee for lodging the release?
Thanks for the question.
The following has been extracted from our Personal Property Securities publication.
A release must be in writing and is registered using a financing change statement by the secured party. As only the secured party can register the release the precedents include an undertaking to do so.
The financing change statement:
- either ends effective registration of all the collateral described in the registration; or
- amends the registration to omit particular collateral from the collateral described because the collateral does not secure any obligation by a grantor to the secured party.
If the secured party fails to register the financing change statement, the grantor can give an amendment demand under s 178 of the Personal Property Securities Act 2009 requiring the secured party to comply within five days. If that fails, the grantor can then apply to the Registrar with an amendment statement in the approved form requesting the Registrar to lodge the necessary financing change statement. If the Registrar is satisfied that the grantor's demand is authorised he issues the secured party with an amendment notice to which the secured party may respond. If the secured party has no adequate response, after five days, the Registrar registers the requested financing change statement.
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