Section 283BE — Corporations Act 2001 (Cth)

If the borrower creates a security interest, it must:

(a) give the trustee written details of the security interest within 21 days after it is created; and

(b) if the total amount to be advanced on the security of the security interest is indeterminate and the advances are not merged in a current account with bankers, trade creditors or anyone else—give the trustee written details of the amount of each advance within 7 days after it is made.

Note: If the advances are merged in a current account the borrower must give the trustee the details in the quarterly report (see subsection 283BF(4)).

Related sections

• s 283BC — Duty to notify ASIC of information related to trustee
• s 283BCA — Register relating to trustees for debenture holders
• s 283BD — Duty to replace trustee
• s 283BF — Duty to give trustee and ASIC quarterly reports
• s 283BG — Exceptions to borrower’s duty to report to trustee and ASIC
• s 283BH — How debentures may be described

Research how courts apply s 283BE

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