New South Wales Consolidated Acts

REGISTRATION OF INTERESTS IN GOODS ACT 1986 - SECT 17

17 Offences

(1) A person shall not, in relation to an application for:

(a) registration of an interest in goods, or

(b) a variation of information recorded in the Register,

make a statement, or provide information, that is false or misleading by reason of the inclusion of false or misleading matter or the omission of any material matter.

Maximum penalty: 10 penalty units.

(2) Where a registered interest in goods ceases to be a registrable interest before the Director-General is authorised by section 7 (1) to cancel the registration, the holder of the interest shall, not later than 14 days after the interest ceases to be a registrable interest, lodge with the Director-General the documents, or other notification, necessary to obtain cancellation of the registration under section 7 (2).

Maximum penalty: 5 penalty units.

(3) It is a defence to a prosecution of a person for an offence under subsection (1) if it is proved that, when the statement was made or the information was given, the person:

(a) believed on reasonable grounds that the false matter was true,

(b) believed on reasonable grounds that the misleading matter was not misleading, or

(c) in the case of an omission:

(i) believed on reasonable grounds that material matter had not been omitted, or

(ii) did not know that the omitted matter was material.

(4) Without limiting subsection (2), for the purposes of that subsection a registrable interest that is secured by a security interest that secures the payment of a debt is taken to have ceased to be a registrable interest on the date that all principal and interest payable in respect of the debt is repaid.