Practice question
A grantor authorizes initial registration in writing before the security agreement is concluded. The agreement is later concluded. A challenger says Section 28 categorically forbids any advance notice and that every such filing is necessarily void. Which is correct?
- Only a completed loan can ever be noticed
- The creditor needs no authorization in any case
- Section 28 permits advance notice with the required authorization, while creation of the security interest remains a separate requirement
- Advance notice grants ownership immediately
- Advance notice abolishes all collateral descriptions
Legal references
- RA 11057, Sections 5 and 28(c)-(d): https://lawphil.net/statutes/repacts/ra2018/ra_11057_2018.html
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