Collateral Registry Information

• How do I register a Financing Statement?
• What is the Movable Property (Security Interest) Registry System?
• What is the purpose of the Movable Property (Security Interest) Registry System?
• Why is the Movable Property (Security Interest) Registry System important?
• What is a financing statement?
• What is a confirmation statement?
• What information is contained in a confirmation statement?
• Who can search in the collateral registry system?
• What if the debtor did not give permission for the registration?
• Can the debtor obtain a copy of the confirmation statement?
• What if there is an error or omission in a confirmation statement?
• What happens if information about the debtor or the collateral changes after the original registration?
• How long does a registration remain effective in the Movable Property (Security Interest) Registry System?
• After the loan is repaid, how can a financing statement be discharged?
• What is priority?
• What if there is an error in a registration?
• How long does a registration remain effective in the Movable Property Registry System?
• After the loan is repaid, how does the debtor make sure that the collateral is no longer included in a registration?

• What happens if the debtor doesn’t pay back a loan?
• What enforcement procedures are allowed?
• What happens when the secured creditor disposes the debtor’s collateral?
• What happens if the collateral does not sell for enough to satisfy the secured obligation?
• Can the secured creditor enforce a security interest against the debtor if it isn’t registered?

A registered financing statement should be discharged once the secured obligation has been performed. A financing statement may equally be amended. The amendment may relate to the collateral, the debtor or the amount secured and may arise from changes in the collateral, debtor or the secured amount. Like registration of a financing statement, discharge is by the creditor.

Section 21 states as follows in relation to amendment and discharge of a financing statement: –

21. (1) A registered financing statement may be amended or discharged by the secured creditor by registering the amendment or discharge in the Collateral Registry at any time before expiration of its effectiveness.
(2) An amendment to a registered financing statement, as provided in subsection (1), that—
(a) adds collateral;
(b) adds a new debtor; or
(c) increases the maximum amount of the secured obligation; shall be effective from the date the amendment to the registered financing statement is registered in the Collateral Registry.
(3) Where the debtor’s name and identification number changes in a manner that renders the registered financing statement no longer retrievable in a search, the security interest shall not be effective with respect to the collateral that the debtor acquired thirty days after the changed identification but the registration shall remain effective with respect to all pre-existing collateral and the collateral acquired by the debtor up to the thirty days after the changed Identification.