Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision applies if:
(a) a secured party is given an amendment demand; and
(b) an application has not been made to register a financing change statement in compliance with the demand before the end of 5 business days after the day the demand is given to the secured party; and
(c) there are no proceedings currently before a court (including a court of appeal), in relation to an application under section 182, that relate to the amendment demanded.
(2) This Subdivision stops applying if:
(a) a financing change statement is registered in accordance with the amendment demand; or
(b) proceedings come before a court (including a court of appeal), in relation to an application under section 182, that relate to the amendment demanded.
No application to security trust instruments
(3) This Division does not apply in relation to a security interest if the security agreement providing for the interest is an instrument or other document:
(a) by which a person issues or guarantees, or provides for the issue or guarantee of, an obligation secured by a security interest; and
(b) in which another person is appointed as trustee for the
person to whom the obligation secured by the security interest is owed.