Section 22, The Borrowers and Lenders Act, 2014

(1) If a borrower’s identity changes after a securityinterest is registered and the lender registers an amendment indicating the new identity of the borrower within 60 days after the change, the registered security interest shall remain effective against third parties and retain its priority. (2) If a lender registers an amendment after the expiration of the time indicated in sub-regulation (1), - 14 15 Compulsory registration of discharge. Error in borrower’s Change in borrower’s Information required in discharge (a) a security interest of another lender registered after the change in the borrower’s identity but before the registration of the amendment has priority over the security interest to which the amendment relates; and (b) a buyer of the collateral after the change in the borrower ’s identity but before the registration of the amendment, acquires his rights free of the security interest to which the amendment relates.