Document ID: chunk:federal_register_of_legislation:C2025C00185:section:283be
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 283BE
Character Range: 991413–992071

283BE  Duty to inform trustee about security interests
  If the borrower 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 and the advances are not merged in a current account with bankers, trade creditors or anyone else—give the trustee written details of the amount of each advance within 7 days after it is made.
Note: If the advances are merged in a current account the borrower must give the trustee the details in the quarterly report (see subsection 283BF(4)).