About the Personal Property Securities Registry
 

What is this website for?
This website is where you find the Security Interests in Personal Property Registry for Jamaica. It is where you will register notices of security interests in movable property (collateral) and to search for notices of other existing security interests. If you have agreed to take a security interest (a pledge or a charge) in movable property*** of someone (the debtor) to secure their obligation to you (usually an obligation to repay money) you may register a notice here to inform others of your security interest. In order to check for prior security interests in collateral that is offered to you as security for an obligation, you may search the Registry's records through this website.
 

In a typical situation under the Act, a person (the debtor) contacts a lender (secured party) to apply for a loan or an operating line of credit. The debtor may offer the secured party a security interest in the person’s equipment, its inventory, accounts receivable or other assets. The lender would first search the records of the Security Interests Registry via the internet to see whether the assets being offered as collateral are subject to a prior security interest. The search is generally made on the name of the debtor, though if the proposed collateral is a motor vehicle the search should also be made on the motor vehicle serial or VIN. If there is no prior notice of a security interest against the proposed collateral, the secured party can then enter the loan agreement with the debtor with confidence of its priority in the collateral against other lenders. The secured party would want to register its own notice of a security interest over the collateral prior to disbursing the loan proceeds.
 

If the potential lender finds in its search that a notice of security interest in the proposed collateral has already been registered by another person, it has several options. The potential lender may contact the prior secured party to determine if the existing obligation is small enough that there is sufficient excess value in the collateral to secure the proposed loan, and then register its own notice of security interest (in this case, the second-to-file would have secondary priority in the collateral). Conversely, the potential lender may try to obtain an agreement with the prior secured party to subordinate (make second) the prior interest to the current secured party’s security interest, and then register a notice. Or the secured party may simply decide not to lend based upon the presence of the prior notice because the credit risk of the prior security interest is too great.
 

Consumers should also use the Registry when you are buying an item of personal property - especially if you are buying something second hand. If you purchase personal property that is subject to a security interest, the secured party may be able to repossess the goods from you.
 

When you buy personal property on hire purchase, or use personal property as security for a loan or another type of credit providing transaction, the secured party will probably register details of the security interest in the Security Interest in Personal Property Registry. Those details include some of your personal details, as the debtor. In particular the registration will include your name and address.
 

The information registered will also include a description of the personal property. The Security Interest in Personal Property Registry does not record financial details of the transaction, for example, the amount borrowed or the value of the personal property.
 

Why register and search?
The reason for registering a notice of a security interest is to establish a creditor’s priority rights in a debtor’s collateral. The first creditor to register a notice will almost always have priority in the collateral over all other creditors should the debtor (borrower) default. Because of this, if a prior security interest is registered, then a current prospective creditor (or buyer) may not obtain priority (or clean title) in the movable property being pledged as collateral (or sold) and may wish to reconsider their business transaction. Therefore, the reason for searching Personal Property Securities Registry records is to discover whether there may be a pre-existing security interest in the property of a debtor.
 

Where is the Registry?
The Companies Office of Jamaica is the appointed Registrar for the Secured Interests Registry. However, in reality all business (other than direct payment) with the Registry is conducted on-line through this website and the Companies Office of Jamaica has only administrative responsibilities. If you have questions or need help with navigating the website, you may contact the Tech Support Desk by clicking the Technical Support link on the Welcome page on the website.
 

The Tech Support Desk is manned:
Monday to Thursday from8:30am to 5:00pm
Fridays from8:30am to 4:00pm
All queries will be responded to within 48 hours.

 

IMPORTANT

 

IT MUST BE NOTED THAT THIS IS A NOTICE REGISTRY ONLY. THAT MEANS THAT THE REGISTRAR IS NOT RESPONSIBLE FOR VERIFYING OR GUARANTEEING THE ACCURACY OF ANY OF THE DATA ENTERED IN SECURITY INTEREST NOTICES. WHEN A CERTIFIED SEARCH REPORT IS REQUESTED, THE REGISTRAR IS ONLY CERTIFYING THAT THE INFORMATION IS ON THE REGISTER NOT THAT IT IS ACCURATE/FREE OF DEFECT. THE REGISTRAR HAS NO LIABILITY FOR INCORRECT/FRAUDULENT INFORMATION SUBMITTED ON THE REGISTRY.

 

Definition

 

*** Moveable property: is any property that can be moved from one location to another. For example a motor vehicle, jewellery, art, writings, or household goods (eg.a fridge)