(1) A secured creditor shall register an amendment notice deleting encumbered properties described in a registered notice if —
(a) the grantor has not authorized the registered notice in relation to the properties and the secured creditor is informed by the grantor that the grantor will not authorize the registration;
(b) the security agreement to which the registered notice relates has been revised to delete the properties from the security interest and the grantor has not authorized the registration of a registered notice covering the properties; or
(c) the grantor authorized the registration of a registered notice covering the properties and the authorization has been withdrawn and the security agreement covering the properties has not been concluded.
(2) A secured creditor shall register a cancellation notice if —
(a) the registration of the initial notice is —
(i) not authorized by the grantor and the secured creditor has been informed by the grantor that the registration is not authorized, or
(ii) authorized by the grantor and the authorization has been withdrawn and a security agreement has not been concluded; or
(b) the security interest to which the initial notice relates has been extinguished.
(3) Where the conditions set out under subsection (1) or (2) have been met, the grantor may request the secured creditor in writing, reasonably identifying itself and the related initial notice or amendment notice, to register the amendment notice or cancellation notice and the secured creditor may not charge or accept a fee or expense for complying with the request of the grantor.
(4) Where a secured creditor does not comply with the request of the grantor made under subsection (3) within 15 working days after its receipt, the grantor may seek an order of the court for the registration of an amendment notice or a cancellation notice by the Registrar of the High Court.
(5) The registration of an amendment notice or cancellation notice in accordance with an order under subsection (4) is not effective until the Registrar of the High Court has given the secured creditor 14 calendar days notice of an order for the amendment notice or cancellation notice.