(1) Where an initial notice, amendment,
continuation statement or termination statement, accompanied by the fees
required, is filed with the Registration Office or such record is accepted by the
Registration Office for filing, such notice or statement shall be deemed to have
been filed with the Registration Office.
(2) Notwithstanding anything contained in Sub-section (1), a record
submitted to the Registration Office for filing pursuant to that sub-section shall
not be deemed to have been filed if the Registration Office refuses to file such
record in any of the following circumstances:
(a) where the record is not accompanied by the fees required for
filing pursuant to this Act;
(b) where, in the case of an initial notice, the name of a debtor is not
mentioned;
(c) where an amendment statement of notice does not mention the
file number of the initial notice, does not mention the name of a
debtor or where the term of the notice related with amendment
has expired;
(d) where a continuation statement does not mention the file number
of the initial notice or where such continuation statement is not
submitted within a period of six months pursuant to Sub-section
(2) of Section 13; and
(e) where a termination statement does not mention the file number
of the initial notice.
(3) Except in the cases referred to in Sub-section (2), even though the
Registration Office refuse to file an initial notice, amendment notice,
continuation statement or termination statement submitted to it for filing, such
record shall be deemed to have been filed.
Provided that where a purchaser of the collateral has given value in
reasonable reliance upon that such notice has not been filed, this
provision shall not be applicable to such purchaser.
(4) Where the Registration Office refuses to accept a record for
filing, it shall promptly communicate a notice along with the reason for such
refusal to the concerned person.
(5) A filed notice shall be effective only to the extent that it was filed
by a person authorized to file it pursuant to this Act.
(6) A notice authorized by one security holder mentioned in a notice
shall not affect the rights of another security holder mentioned in the notice.
(7) The failure of the Registration Office to index a record correctly
shall not affect the effectiveness of the record.