(1) Subject to subsections (2) and (3), third-party effectiveness and priority of a security interest that was made effective against a third party by registration of an initial notice or amendment notice are not affected by a change in the identifier of the grantor after the initial notice or amendment notice is registered.
(2) Where the identifier of the grantor changes after an initial notice or amendment notice is registered, a competing security interest created by the grantor that is made effective against a third party after the change has priority over the security interest to which the initial notice or amendment notice relates, unless either the security interest to which the initial notice or amendment notice relates is made effective against a third party by a method other than registration of an initial notice or amendment notice disclosing the new identifier of the grantor is registered —
(a) before the expiry of one hundred and 20 days after the change; or
(b) after the expiry of the period under paragraph (a) but before the competing security interest is made effective against a third party.
(3) Where the identifier of the grantor changes after an initial notice or amendment notice is registered and the encumbered property is sold after the change, a buyer acquires rights free of the security interest to which the notice relates, unless either the security interest to which the registered notice relates is made effective against a third party by a method other than registration disclosing the new identifier of the grantor is registered —
(a) before the expiry of the period under subsection (2)(a); or
(b) after the expiry of the period under subsection (2)(b), and before the buyer acquires an interest in the property.
(4) Subsections (2) and (3) do not apply if the information in the initial notice or amendment notice under subsection (1) is retrievable by a search using the new identifier of the grantor.