Victorian Consolidated Legislation

Chattel Securities Act 1987 - SECT 19

Discharge of registered security interest

19. Discharge of registered security interest



(1) If a registered security interest is discharged or extinguished, the
person who was the holder immediately before the discharge or extinguishment,
not later than 7 days after the person knows or ought to reasonably know that
he or she has ceased to be the holder of that security interest, must make
application to the Corporation in a form approved by the Corporation for the
cancellation of the registration.

Penalty: 5 penalty units.

(2) If a registered security interest is to be discharged or extinguished by a
payment made by cheque or a credit facility, for the purposes of this section
the discharge or extinguishment only occurs when the cheque is honoured or the
person to whom the credit payment is made receives the amount of the payment
in a form that the person can use.