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Action |
Time limit/period or options |
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Making a registration |
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Making a registration against a corporate grantor |
Within 20 working days after they sign the security agreement OR More than 6 months before they start insolvency Be aware: if you want PMSI super-priority, PMSI registration time limits apply (see below) |
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Getting PMSI super-priority |
If the goods supplied will be part of the grantor’s inventory: before the grantor gets possession/attachment of the goods/property If the goods supplied won’t be part of the grantor’s inventory: 15 working days from when the grantor gets possession/attachment the goods/property |
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Sending verification statements to grantors |
As soon as is reasonably practicable after registration Exception: commercial property where grantors have agreed in writing to waive the right to receive verification statements. |
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Extending or ending a registration |
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Extending a registration |
Before the registration expires |
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Ending a registration (goods without serial number) |
Within 5 working days from the day it becomes clear that there is no longer a belief that a security interest exists (such as when a deal is no longer going ahead or you no longer have a security interest in the collateral) |
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Ending a registration (for serial numbered goods or collateral used for domestic or household purposes) |
Within 5 business days after the security interest is no longer perfected (usually when the debt is repaid) |
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