[Sstu-users] NUMBER ONE Success System

[Tommy Lee]

http://www.noss123.com/

Certain security interests may be perfected by some kind of registration or
filing. Although the terms are used interchangeably, it is more accurate to
speak of registration as the lodgment of particulars, and filing as the
lodgment of the security instrument itself.

Generally systems of registration divide into two types:

   1. registration against a particular debtor; and
   2. registration against a particular asset.

Each has their own advantages and disadvantages.

Registration against a particular asset only tends to practical where the
assets are of a nature and substance that makes it feasible to have a
register for recording security interests against them. Most countries have
systems for the registration of security relating to land, aircraft, ships
and intellectual property rights. The advantage of a register relating to
the asset is that if the debtor wishes to provide an asset as collateral,
the proposed lender can swiftly check definitively whether the asset is
encumbered or not.

Registration against a debtor tends to operate by way of requiring the
registration of certain security interests by the debtor. The advantage is
that a lender can quickly see which assets of the debtor are encumbered and
which are not. However, because many registration systems do not require all
types of security interest to be registered gaps can remain. Also, systems
which register security against the debtor do not act as a check that the
debtor actually has title to any of the relevant assets, merely that he has
not created any security interest over them.

However, the position is complicated by the fact that many legal systems
employ both, interchangeably. A security interest granted by a debtor over a
particular asset in any given country may need to be registered against the
debtor, against the asset, both or neither.
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