The Secured Transaction Register is a public register of security interests. These security interests are registered by Registering a Financing Statement or Notice of Lien.
A security interest is a legal claim on collateral, (for example a motor vehicle), that has been pledged against a loan. Typically, a security interest can be claimed upon in the event of failure to repay the loan. A Security Interest has two types of roles/parties:
- Secured party, who has the legal claim on the collateral. A secured party may be an individual or an organisation, and typically they register the security interest and maintain its details on the Secured Transaction Register. There will always be one secured party, though it is possible to have multiple secured parties on a security interest.
- Debtor, who pledges the collateral against the loan. A debtor may be an individual or an organisation. There will always be one debtor for the security interest, though it is possible to have multiple debtors on a security interest.
In the event of bankruptcy, secured parties have precedence over unsecured creditors.
Features
The following features are available for a Verne Secure Transactions Register:
Register a financing statement
Allows a member of the public to apply to register a security interest on the Secured Transactions Register.
Register a notice of lien
Allows an authorised user, such as a user working on behalf of a government department, to register a security interest on the Secure Transactions Register.
File an amendment notice
Allows amendments to the security interest’s general details, debtor, secured party and collateral details.
File a continuation notice
Extends the security interest’s expiry date.
File a termination notice
Terminates the security interest.
File an objection notice
Allows anyone to raise an objection to the details of a security interest.
Search the register
Allows searching by a number of standard search criteria.
View the register
Allows to view security interests’ publicly available information.
Maintain entity flags
Allows to maintain non-legislative data of a security interest that controls the behaviour of various Verne features.
Correct the register
Allows an internal user to correct a version of data associated with a security interest filing.
Compliance
Secure Transactions Register enables:
- Sending an email to secured parties prior to the expiry of their security interest. The email advises of the pending expiry and offers the option to File a continuation notice;
- Expiring Security Interests on their Expiry Date.
