Document ID: chunk:federal_register_of_legislation:C2011A00035:clause:2_31
Version: federal_register_of_legislation:C2011A00035
Segment Type: clause
Provision Reference: sch 2 cl 31
Character Range: 13405–13971

31  Paragraphs 151(2)(a) and (b)
Repeal the paragraphs, substitute:
 (a) the person described in the statement as the secured party has never, since the statement was registered, been a secured party in relation to the collateral (other than by virtue of the registration itself); and
 (b) there are no reasonable grounds (or there are no longer any reasonable grounds) for the belief mentioned in subsection (1).
Note: The heading to section 151 is altered by omitting "belief that collateral secures obligation" and substituting "belief about security interest".