MOVABLE PROPERTY (SECURITY INTEREST) ACT, 2016: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Movable Property (Security Interest) (Fees) Regulations

Movable Property (Security Interest) (General) Regulations

MOVABLE PROPERTY (SECURITY INTEREST) (FEES) REGULATIONS

[Sections 32 and 100]

Arrangement of Regulations

   Regulation

   1. Title

   2. Fees

      SCHEDULE

SI 73 of 2016.

1. Title

These Regulations may be cited as the Movable Property (Security Interest) (Fees) Regulations, 2016.

2. Fees

The fees specified in the Schedule are the applicable fees for the matters specified in that Schedule.

SCHEDULE

[Regulation 2]

PRESCRIBED FEES

MOVABLE PROPERTY (SECURITY INTEREST) (GENERAL) REGULATIONS

[Sections 11, 32 and 100]

Arrangement of Regulations

   Regulation

PART I
PRELIMINARY PROVISIONS

   1. Title

   2. Interpretation

PART II
FINANCING STATEMENT

   3. Registration of financing statement

   4. Confirmation statement

   5. Demand to amend or discharge registered financing statement

   6. Particulars of joint debtors or secured creditors

   7. Prescribed particulars for natural person

   8. Prescribed particulars for body corporate

   9. Prescribed particulars for unincorporated body

   10. Information required for registering prior security interest

   11. Amendment of financing statement

   12. Discharge of registration

PART III
COLLATERAL REGISTRY

   13. Register of security interest in movable property

   14. Access to Collateral Registry

   15. User ID and password

   16. Registry record

   17. Searchable record and criteria

   18. Request for certificate of status

PART IV
ENFORCEMENT

   19. Enforcement notice

   20. Notice of disposal of collateral

   21. Proposal and notice of retention of collateral

   22. Notice of extinguishment

PART V
GENERAL PROVISIONS

   23. Liability of Collateral Registry

   24. Collateral Registry Forms

   25. Model or standard security agreement

      FIRST SCHEDULE

      SECOND SCHEDULE

SI 77 of 2016.

PART I
PRELIMINARY PROVISIONS

1. Title

These Regulations may be cited as the Movable Property (Security Interest) (General) Regulations, 2016.

2. Interpretation

In these Regulations, unless the context otherwise requires—

"address"  includes—

   (a)   a physical address, post office box number and postal code;

   (b)   village and district address; or

   (c)   an electronic address;

"amendment"  includes modification of information contained in a registered financing statement to which the amendment relates;

"Collateral Registry"  has the meaning assigned to it in the Act;

"financing statement registration number"  includes the unique identifier assigned to a financing statement on its registration, which is permanently associated with the financing statement;

"motor vehicle"  has the meaning assigned to it in the Road Traffic Act, 2002;

"Registrar"  has the meaning assigned to it in the Act;

"serial number"  means the unique identification number marked on or attached to the body frame of a serial numbered good by the manufacturer; and

"serial-numbered good"  means a motor vehicle, trailer or locomotive.

PART II
FINANCING STATEMENT

3. Registration of financing statement

   (1) A secured creditor shall register a financing statement by electronically lodging Form I set out in the First Schedule.

   (2) A party filing a financing statement shall ensure that the financing statement is complete, legible and properly filed.

4. Confirmation statement

   (1) The Registrar shall, upon completion of an electronic filing, send electronically a confirmation statement to the filing party in Form II set out in the First Schedule.

   (2) A financing statement filed with the Registrar shall be electronically stamped with the time and date of filing and the name of the person accepting the filing.

   (3) The stamp referred to in sub-regulation (2) shall be merged with the electronic document and shall be visible when the document is printed and viewed online.

   (4) An electronically filed document that does not bear an electronic stamp shall be deemed to be incomplete.

   (5) A financing statement stamped in accordance with these Regulations shall have the same effect as a physical document.

5. Demand to amend or discharge registered financing statement

A demand by a debtor under section 23 of the Act to discharge or amend a registered financing statement shall be made in substantial conformity with Form III set out in the First Schedule.