Section 21, The Borrowers and Lenders Act, 2014

(1) Subject to subsection (3) of section 17 of the Act, anerror in the borrower’s identity shall render the registration of a security interest ineffective. (2) An error in the borrower’s identity shall not render the registration of a security interest ineffective with respect to other borrowers correctly identified. (3) An error in the serial number of a serial-numbered collateral shall render the registration of a security interest ineffective as against a buyer or lessee of that asset for value. (4) An error in the description of some collateral shall not render the registration of a security interest ineffective with respect to other collateral sufficiently described. (5) Subject to subsection (2) of section 17 of the Act, a defect, an irregularity, an omission or an error in required information other than the borrower’s identity shall not render the registration of a security interest ineffective unless the defect, irregularity, omission or error would mislead a searcher.