What is this website for?

This website is where you find the Collateral Registry. It is where you come to file notices of security interest in movable property (collateral) and to search for notices of security interest. If you have agreed to take a security interest in movable property of someone (the debtor) who owes you an obligation, often an obligation to repay money, you may file a notice here to inform others of your security interest, provided you have a security agreement signed by the debtor.

A security agreement is any written document which identifies: the Creditor and the Debtor/Grantor (the person owing the obligation), the secured obligation which in most cases will be the Debt, the movable property to be secured to enable its reasonable identification and an expressed intention that the movable property identified is being offered as collateral.

In order to check for prior security interests in collateral that is offered to you as security for an obligation, you may search the filing office’s electronic archive through this website.

Why file and search?

The reason for filing in the Collateral Registry is to ensure that your security interest is registered and has priority over other interests in the collateral filed after yours. By filing a notice, you establish priority over others who may claim an interest in the same property and who either have not filed a notice or filed after you did. The notice also establishes your priority over potential buyers of the collateral in most cases and in case the debtor goes into insolvency proceedings.

If you propose to accept security over movable property as collateral for a loan or other debt, it is advisable that you conduct a search in the Collateral Registry to find out whether any security has been filed over the movable property. This is because security filed before yours will take priority. This is important because it means if the debtor defaults and the collateral is sold, the person who had filed before you will be paid off first.