Section 283BE — Corporations Act 2001: Duty to inform trustee about security interests

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)).