Action

Time limit/period or options

Making a registration

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)

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

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.

Extending or ending a registration

Extending a registration

Before the registration expires

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)

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)