ADVOKS GLOBAL · KENYA
Movable Property Security Rights Act
33. Compulsory registration of an amendment or cancellation notice
Edition: 2022-12-31 · In force
33. Compulsory registration of an amendment or cancellation notice
(1)The secured creditor shall register an amendment notice if—(a)the registered notice to which it relates contains information that exceeds the scope of the grantor's authorization; or(b)the security agreement to which the registered notice relates has been revised to delete some collateral.(2)The secured creditor shall register a cancellation notice if—(a)the registration of an initial notice was not authorized by the grantor;(b)the registration of an initial notice was authorized by the grantor but the authorization has been withdrawn and no security agreement has been concluded; or(c)the security right to which the notice relates has been extinguished and the secured creditor has no further commitment to provide value to the grantor.(3)In cases described in subsections (1) (a) and (2) (a), the secured creditor shall not charge or accept any fee or expense for complying with its obligation.(4)If any of the conditions set out in subsections (1) and (2) is met, the grantor may, in writing request the secured creditor to register an amendment or cancellation notice and the secured creditor shall not charge for complying with the grantor's request.(5)If the secured creditor fails to comply with the grantor's request within ten working days after its receipt, the grantor may seek the registration of an amendment or cancellation notice by the Registrar.(6)Before giving effect to the requested registration, the Registrar shall give notice to the secured creditor.(7)Appeals from the decision of the Registrar shall lie with a court of competent jurisdiction.