Section 61: Registration of financing statement

(1) Subject to regulations made under this Act, the registrar may, for the purpose of registering a financing statement, process and record the information contained in the financing statement. (2) A document containing information recorded under subsection (1) shall be accepted for all purposes, as if it was the original financing statement. (3) Information in a registered financing statement or a registered document may be removed from the record of the registrar only where- (a) the registration is no longer effective; (b) a financing change statement discharging or partially discharging the registration is received; (c) the registrar renews or changes the registration under section 41; or (d) the registrar discharges or partially discharges a registration in accordance with an order of court. (4) The validity of a registered financing statement is not affected by a defect, irregularity, omission or error in the financing statement or in the execution or registration of the financing statement, unless the defect, irregularity, omission or error is seriously misleading. (5) Where collateral includes goods of a kind that is required or permitted by regulations to be described in a financing statement by serial number, the registration is invalid, if the financing statement or the registration contains a seriously misleading defect, irregularity, omission or error in the name of the debtor or in the serial number of the goods. (6) A defect, irregularity, omission or error may be found to be seriously misleading, even if no one was actually misled by it. (7) Failure to provide in a financing statement, a description of any item or kind of collateral shall not affect the validity of the registration of the financing statement, with respect to another item or kind of collateral. (8) A secured party or a person named as a secured party in a financing statement, shall, within ten working days after registration of a financing statement, give the debtor named in the instrument, a copy of the financing statement, unless the debtor waives in writing, his or her right to receive the financing statement.