Any person may conduct a search and request a certificate of status of a financing statement without having to provide any reasons. Searches may be conducted using the name or identification number of the debtor or the serial number of the collateral. The statutory fee payable for a search is K20.
A confirmation statement must contain the following information: The debtor’s name, identification number, type, and address The debtor’s gender and a birthdate or if an entity, the gender of the owner The secured creditor’s name, identification number, and type, and address, A general description of the collateral The period of time the registration is effective …
What information is contained in a confirmation statement? Read More »
A confirmation statement is a statement provided by the Registrar electronically to the person who registered the financing statement or amendment to the registered financing statement on registration of a financing statement or an amendment to a registered financing statement in the Collateral Registry. The Confirmation or Confirmation Statement is provided as set in Form …
A financing statement is a notice, in the Prescribed Form called Form I containing the information specified in section thirteen of the Movable Property (Security Interest) Act, that affects a registration to perfect a security interest in the collateral. The debtor has to sign a security agreement or sign consent before the secured creditor may …
The Movable Property (Security Interest) Registry System is important because it is a public database of security interests in movable assets. As such, it allows debtors to prove to secured creditors whether their existing asset has any security interests registered against it. Secured creditors are also able to better assess priority status against the debtor’s …
Why is the Movable Property (Security Interest) Registry System important? Read More »
The Movable Property (Security Interest) Registry System fulfills two essential functions. The first objective is to notify parties about the existence of security interests in movable property. The registry gives transparency to the credit system by giving publicity to security interests that exist in particular collateral. Secondly, the Movable Property (Security Interest) Registry System establishes …
What is the purpose of the Movable Property (Security Interest) Registry System? Read More »
The Movable Property (Security Interest) Registry System is an electronic public database that contains information on security interests in movable assets and the secured creditors’ priorities.
Upon lending against movable property, a lender should register the interest in the collateral (the security interest) in the Collateral Registry. Registration is effected by filing a ‘financing statement’ – not a ‘financial statement’. Once registered, the security interest is said to have been ‘perfected’. As later discussed, there three alternatives to perfection, the primary …
