Section 21: Cancellation of a registered Financing Statement

(1) A registered Financing Statement may be cancelled upon the filing of a Cancellation Statement by a Creditor.
(2) A Creditor shall file a Cancellation Statement within 15 working days of receiving a request for cancellation from the Grantor or the Borrower only where:
(a) all obligations under the Security Agreement have been performed; and
(b) there is no commitment to make future advances.
(3) The Cancellation Statement shall include:
(a) the registration number of the initial Financing Statement to which the Cancellation Statement relates;
(b) identification of the Creditor authorizing the cancellation; and
(c) such other information as may be prescribed by Regulations made under this Act.
(4) Where a Creditor fails to comply with the request of the Borrower or the Grantor, either the Borrower or the Grantor may appeal to the Registrar showing cause as to why the registered Financing Statement should be cancelled.
(5) The Registrar shall give notice of the appeal referred to in sub section (4) of this section to the Creditor before taking a decision on the appeal.
(6) The Creditor shall have a right to respond within 7 days of the receipt of the notice of appeal.
(7) The decision of the Registrar on the request shall be final and he shall give effect to his decision.