Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) On application, a court may make an order extending the number of business days in a period specified in the following provisions if the court is satisfied that it is just and equitable to do so:
(a) paragraphs 62(3)(b) (perfection of purchase money security interests);
(b) paragraphs 63(c) and (d) (priority between competing purchase money security interests);
(c) paragraph 64(1)(b) (priority between non - purchase money security interest and purchase money security interest);
(d) subsection 120(3) (payment of amount owed to secured party in enforcing security interests in liquid assets);
(e) paragraphs 121(2)(e) and (5)(a) (notice to higher priority parties and grantor of enforcement of liquid assets);
(f) subsection 127(4) (compliance with notice from higher priority party);
(g) subsection 127(9) (payment of amount by higher priority party);
(h) paragraph 130(2)(c) (notice of disposal of collateral);
(i) paragraphs 132(2)(a) and (6)(a) (giving statements of account);
(j) paragraph 135(2)(a) (notice of retention of collateral);
(k) subsection 138(2) (giving proof of interest);
(l) subsection 151(3) (belief about security interest);
(m) paragraph 166(2)(c) (when defect makes registration ineffective);
(n) subsection 167(2) (application for amendment of registration);
(o) subsection 182(2) (application for amendment after demand);
(p) subsection 275(3) (information required by request).
(2) The court may make the order even if the period has ended.
(3) In making an order to extend a period under subsection (1), the court must take into account the following:
(a) whether the need to extend the period arises as a result of an accident, inadvertence or some other sufficient cause;
(b) whether extending the period would prejudice the position of any other secured parties or other creditors;
(c) whether any person has acted, or not acted, in reliance on the period having ended.