Movmls
Cap. 14:35
PRopERTy
Sscuntrr lutnnssrs
No.9l2fiL7
(2) Forthe avoidance of doubt it is declaredthat a security interest in atangtble
asset in connection with which an intellectuat property right is used does not extend to
ttre intellectual property, and a security interest in intellectual property does not exterd
to a tangible asset in connestion with which that intellectuat property is usd.
Special provisiotts to secure rights to proceeds
6. ( I ) If a security interest in an asset is perfected, a security interest in any proceeds
of that asset is perfecGd wittrout any further action by the debtor or the secured creditor
if ttre p'roceedi are in the forrr of money, receivables, negotiable instruments or rigbts
!o payment of funds credited to a deposit account'
(2) If a security interest in an asset is perfected, a seeurity interest in any type
of proceeds of that asset other than the types of prcceeds refured to in subparagraph
ttiis perfecrcd for ten working days after the proceeds arise or thereafter if, before
the expiry of the ten working days, the security intenest in the proceeds is perfected by
registration in ttre Collateral Regisry'
PARTIII
RscnrRATIoN Rrqtmgrarwrs
Debtor's authorisation for re gistration
?. ( I ) Regisration of an initial notice is ineffective unless authorised by the
debts
in writing.
(2) Registration of an amendment notice that adds collateral not included in
the security agreement is ineffective unless authorised by the debtor in writing.
(3) Registration of an amendment notice that adds adebtoris irrcffective unless
authorised by the additional dehu in writing.
(4) Authorisation may be given before or after regisftation of a notice.
(5) A notice may be registercd before the creation of a security interest or the
conclusion of a secutity agreement to which the notice relates'
(6) A written security agreerrent is sufficient to constitute authorisation by the
debtor for the regisration of a notice.
One tntice suffitientfor secuity lnteresls under maltiple security agreentents
8. The registration of a single notice may relate to security interesb created by
the debtor under one or more security agrcements with the same secured creditor.
Puhlic access
9. ( l) Any person may submit a notice to the Collateral Regisry, if such person
(a)
(b)
-
has establisbd a user account with the collateral Registry; and
has paid the Prescribed
fe.
(2) An amendment or cancellation notice may only be submitted ttnough the
and by the person that is authorised to submit such notice under this Act'
account
user
(3) Any person may submit a search r€que$t to the Collateral Registry using
the prescribed search request form.
(4) If access is refirsed, the Collateral Regrstry must @mmunicate the reason
registrant
m searcher promptly.
the
to
Reiection of registration of notice or search reqaest
10. (l) The Collateral Registry must reject ttre registration of a notice
information is entered in one of tnot€ of the required designated fields.
159
if
no