Section 16: Error in a Financing Statement

(1) Subject to Section 12 of this Act, a registered Financing Statement shall be ineffective if there is an error in:
(a) the unique identification number of the Grantor; or
(b) the serial number of the Collateral that causes the registration not to be retrieved in a search.
(2) Where a registered Financing Statement contains information on multiple Grantors or Collaterals, an error in:
(a) the unique identification number of the Grantor shall render the registration ineffective only with respect to that Grantor; or
(b) the serial number of a Collateral shall render the registered Financing Statement ineffective only with respect to the Collateral identified by such serial number.