Commonwealth Consolidated Acts

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Duty to inform trustee about security interests

                   If the guarantor creates a security interest, it must:

                     (a)  give the trustee written details of the security interest within 21 days after it is created; and

                     (b)  if the total amount to be advanced on the security of the security interest is indeterminate, give the trustee written details of:

                              (i)  the amount of each advance made within 7 days after it is made; or

                             (ii)  where the advances are merged in a current account with bankers, trade creditors or anyone else--the net amount outstanding on the advances at the end of every 3 months.

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