Section 26
Maturality Of Security Interest
(1) A security interest shall be deemed to have matured when it has attached to collateral and the requirements referred to in this Section are satisfied.
(2) Except as provided otherwise in this Section, a notice shall be filed in the Registration Office to mature a security interest.
(3) A purchase money security interest in consumer goods shall be matured only when it attaches to the consumer goods. It shall not be required to file a notice thereof.
(4) A security interest in goods, instruments, documents or secured sales contracts shall be matured only when the security holder takes possession of such collateral. It shall not be required to file a notice for this. A security
interest in goods, instruments, documents or secured sales contracts shall be matured by possession from the time when possession is taken and shall continue so long as such possession is retained. The security holder may
mature a security interest in goods, instruments, documents or secured sales contracts matured by possession under this Sub-section, by filing before, during or after the period of possession.
(5) A security interest in money may be matured only when the security holder takes possession of the money other than cash proceeds.
(6) A security interest in a serial numbered vehicle shall be matured only when a notice that describes the serial numbered vehicle generally or by serial number is filed.
(7) The filing of a notice shall not be necessary to mature a security interest in proceeds.
(8) While goods are in the custody of a bailee that has issued a document covering the goods, a security interest in the goods may be matured only after maturing a security interest in the document. Where a security
interest in the goods is matured by filing a notice during the period that the goods are in the custody of the bailee, such security interest shall be related to a security interest matured in the document.
(9) Maturing of a security interest in collateral shall also mature a security interest in a guarantee supporting the collateral. The filing of a notice shall not be necessary to mature a security interest in the guarantee.
(10) Maturity of a security interest in a right to payment or performance shall also mature a security interest in a mortgage on immovable property securing the right to payment.
(2) Except as provided otherwise in this Section, a notice shall be filed in the Registration Office to mature a security interest.
(3) A purchase money security interest in consumer goods shall be matured only when it attaches to the consumer goods. It shall not be required to file a notice thereof.
(4) A security interest in goods, instruments, documents or secured sales contracts shall be matured only when the security holder takes possession of such collateral. It shall not be required to file a notice for this. A security
interest in goods, instruments, documents or secured sales contracts shall be matured by possession from the time when possession is taken and shall continue so long as such possession is retained. The security holder may
mature a security interest in goods, instruments, documents or secured sales contracts matured by possession under this Sub-section, by filing before, during or after the period of possession.
(5) A security interest in money may be matured only when the security holder takes possession of the money other than cash proceeds.
(6) A security interest in a serial numbered vehicle shall be matured only when a notice that describes the serial numbered vehicle generally or by serial number is filed.
(7) The filing of a notice shall not be necessary to mature a security interest in proceeds.
(8) While goods are in the custody of a bailee that has issued a document covering the goods, a security interest in the goods may be matured only after maturing a security interest in the document. Where a security
interest in the goods is matured by filing a notice during the period that the goods are in the custody of the bailee, such security interest shall be related to a security interest matured in the document.
(9) Maturing of a security interest in collateral shall also mature a security interest in a guarantee supporting the collateral. The filing of a notice shall not be necessary to mature a security interest in the guarantee.
(10) Maturity of a security interest in a right to payment or performance shall also mature a security interest in a mortgage on immovable property securing the right to payment.