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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