Lenders will no longer need to be physically present at the Titles Office or take debentures to the Registrar of Companies or to file securities such as Bills of Sales and Crop Liens and they can easily check the online Registry on whether the moveable property has already been pledged to another lender.
(ii) For Businesses and Consumers It is important for businesses and consumers to check if a moveable property, has an existing security interest on them when they are pledged as collateral. Again, this search feature is accessible through the online Registry, in a matter of minutes.