The document discusses the establishment and operation of an electronic registry for registering notices of security interests and liens on personal property in the Philippines. Key points:
1) The Land Registration Authority (LRA) will establish and administer the centralized, nationwide registry within 90 days.
2) The registry will provide electronic means for registration and searching of notices. It will assign registration numbers, maintain records, and provide copies of registered notices.
3) The registry's duties are administrative - it does not determine the validity of registered information.
4) Fees for registration must not be burdensome and there is no fee for electronic searches or registering termination notices.
5) Registered notices and registry information
The document discusses the establishment and operation of an electronic registry for registering notices of security interests and liens on personal property in the Philippines. Key points:
1) The Land Registration Authority (LRA) will establish and administer the centralized, nationwide registry within 90 days.
2) The registry will provide electronic means for registration and searching of notices. It will assign registration numbers, maintain records, and provide copies of registered notices.
3) The registry's duties are administrative - it does not determine the validity of registered information.
4) Fees for registration must not be burdensome and there is no fee for electronic searches or registering termination notices.
5) Registered notices and registry information
The document discusses the establishment and operation of an electronic registry for registering notices of security interests and liens on personal property in the Philippines. Key points:
1) The Land Registration Authority (LRA) will establish and administer the centralized, nationwide registry within 90 days.
2) The registry will provide electronic means for registration and searching of notices. It will assign registration numbers, maintain records, and provide copies of registered notices.
3) The registry's duties are administrative - it does not determine the validity of registered information.
4) Fees for registration must not be burdensome and there is no fee for electronic searches or registering termination notices.
5) Registered notices and registry information
The document discusses the establishment and operation of an electronic registry for registering notices of security interests and liens on personal property in the Philippines. Key points:
1) The Land Registration Authority (LRA) will establish and administer the centralized, nationwide registry within 90 days.
2) The registry will provide electronic means for registration and searching of notices. It will assign registration numbers, maintain records, and provide copies of registered notices.
3) The registry's duties are administrative - it does not determine the validity of registered information.
4) Fees for registration must not be burdensome and there is no fee for electronic searches or registering termination notices.
5) Registered notices and registry information
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90022 The Registry shall provide electronic means for registration and
How is the registry established? searching of notices.
REGISTRY Section 5.02. Sourcing of Funds. — The funds needed for the implementation of these Rules shall be taken from the Special Account Section 3. (h) Registry - the centralized and nationwide electronic registry arising from revenues collected by the LRA under Section 111 of Presidential established in the Land Registration Authority (LRA) where notice of a Decree No. 1529, without need for any further government approval. security interest and a lien in personal property may be registered; Section 5.04. Registry Duties. — The LAND REGISTRATION AUTHORITY - (LRA) is an agency attached to the Department of Justice mandated to issue decrees of registration and (a) The Registry shall, for each registered notice: certificates of title and register documents, patents and other land 1. assign a unique registration number; transaction for the benefit of landowners, Agrarian Reform-beneficiaries and 2. create a record that bears the number assigned to the initial the registering public in general; to provide a secure, stable and trustworthy notice and the date and time of registration; and record of land ownership and recorded interests therein so as to promote 3. maintain the record for public inspection. social and economic well-being and contribute national development. (b) The Registry shall index notices by the identification number of the grantor, except for notices containing a serial number of a motor vehicle, which shall be indexed by serial number. ESTABLISHMENT OF REGISTRY
Section 26. Establishment of Electric Registry. - (c) The Registry shall provide a copy of the electronic record of the notice, including the registration number and the date and time of (a) The Registry shall be established in and administered by the Land registration to the person who submitted it. Registration Authority. (d) The Registry shall maintain the capability to retrieve a record by the (b) The Registry shall provide electronic means for registration and searching identification number of the grantor, and by serial number of a notices. motor vehicle. (e) The Registry shall maintain records of lapsed notices for a period of RULE V – THE REGISTRY (IRR) ten (10) years after the lapse. (f) The duties of the Registry shall be merely administrative in nature. Operation of Registry By registering a notice or refusing to register a notice, the Registry Section 5.01. Establishment. – The LRA, within ninety (90) days from the does not determine the determine the sufficiency, correctness, publication of these Rules, shall establish and administer the centralized, authenticity or validity of any information contained in the notice, or nationwide Registry, which shall contain, among others, the following the validity of the security agreement. information: 1. What are the fees for registration? (a) Initial notice of security interest and lien in personal property; (b) Amendment notice providing new information or continuing the Section 5.03. Fees Set by Regulation. — The fees for registering a notice and period of effectiveness of an initial notice; for requesting a certified search report shall be set by regulations issued by (c) Termination notice. the DOF for the recovery of reasonable costs of establishing and operating the Registry. Such regulations must take into consideration the following notification was received before the secured creditor gave requirements: notification of the proposed disposition to the grantor. (b) The grantor may, after default, waive the right to be notified. (a) Fees imposed must not be burdensome to either lender or grantor. (c) A notification of disposition is sufficient if it identifies the grantor (b) There shall be no fee for electronic searches of the Registry records and the secured creditor; describes the collateral; states the method or for the registration of termination notices. of intended disposition; and 995 states the time and place of a (c) The Registry may charge fees for services not mentioned above. public disposition or the time after which other disposition is to be made. (d) The secured creditor shall notify the persons entitled to notification PUBLIC RECORD via registered mail, private courier, electronically, or through any means where receipt of the 1000 notice can be established by a Section 27. Public Record. - disinterested third party. The requirement to send a notification (a) Information contained in a registered notice shall be considered as a under this section shall not apply if the collateral is perishable or public record. threatens to decline speedily in value or is of a type customarily sold (b) Any person may search notices registered in the Registry. on a recognized market. (c) The electronic records of the Registry shall be the official records.
Section 5.16. Public Record. — The electronic records of the Registry shall be the official records. All notices registered and the information contained in such notices, shall be considered as part of the public record and may be searched and examined by any person: Provided that the processing of all information under these Rules shall be in accordance with the provisions of Republic Act 10173, otherwise known as the “Data Privacy Act of 2012”. Registration of a notice of the public auction in accordance with Section 7.08 (b) of these Rules is sufficient to comply with the publication requirement therein.
**Section 7.08. Notification Requirements Prior to Disposition. —
(a) Not later than ten (10) days before disposition of the collateral, the secured creditor shall notify: (i) The grantor: (ii) Any other secured creditor or lien holder who, five (5) days before the date notification is sent to the grantor, held a security interest or lien in the collateral that was perfected by registration; and (iii) Any other person from whom the secured creditor received notification of a claim of an interest in the collateral if the
