SECTION 54

Upon verification that the entry form contains all the information prescribed by article 53 of this Uniform Act, the registrar in charge of the competent Trade and Personal Property Right Register or the competent authority in the State Party shall forthwith chronologically register the deposited securities. He shall immediately issue the applicant an acknowledgement receipt containing the date, type of formality carried out and the registration number. Registration or of any refusal thereof shall be notified by the registry or the competent authority in the State Party to the debtor or to the settlor of the security where the latter is different from the debtor. Such registration or any refusal thereof may within eight days from the date of notification be challenged by the debtor or the settlor before the competent court or before the competent authority in the State Party which shall rule without delay. Where the form is irregular, the registrar or the competent officer in the State Party shall reject the registration. Such rejection shall be motivated. The registrar or the competent officer in the State Party shall forthwith notify the applicant and make mention of such rejection in the margin of the chronological register. Any rejection may within eight days from the date of service of notification be challenged before the competent court or authority in the State Party which shall rule without delay. The decision delivered by virtue of paragraphs (1) and (2) of this article may be appealed against within fifteen days of notification before the competent appeal court which shall rule without delay.