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Registration Forms
Uniform Registration Form: The Model Law on secured transactions
provides for perfection of a security interest over movable goods
by the filing of a one-page registration form. Although the Model
Law provides basic rules that each state can follow to create
their own specific registration form, CIDIP-VII should consider
the creation of a uniform electronic registration form for use by
all the Member States. Such system would harmonize filings for all
states, permit easy access to public information concerning the
status of property, create greater certainty in the registration
of security interests, and facilitate filing by parties in
cross-border situations.
The central aim of the uniform registration form is to strike a
proper balance between three primary filing objectives: the burden
placed on the registering party to perfect its security interest;
the rights of the debtor to ensure an accurate and authorized
filing; and the need for third parties to obtain enough
information to make a decision concerning particular collateral.
Hence, a draft uniform registration form should follow the rules
provided in the Model Law and provide the information necessary to
alert third parties that a debtor’s assets may serve as collateral
for a loan. Based on those guidelines, a registration form should
require the debtor's name, the secured party's name and a
description of the collateral – sufficient information to put
third parties on notice of a lien, on one hand, but that does not
overburden a registering party or violate a debtor’s right to
authorize a filing, on the other.
Although the registration form can take shape as a paper document,
CIDIP-VII work on this issue should focus on creating an
electronic registration form that can be created, registered,
stored and consulted in a purely electronic manner. Such document
should be simple, and consist merely of information revealed in an
electronic medium.
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