Transferring financing statements between SPGs
From time to time it may be necessary to transfer one or more financing statements from one Secured Party Group to another. This may be due to a change in the name or membership of your own Secured Party Group or perhaps a financing statement needs to be transferred to a third party.
The steps to transfer financing statements between secured parties
- Log on using your User ID and password.
- From the PPSR Registration menu choose Secured Parties – Transfer Financing Statement.
- Enter the
- Secured Party Group ID and password for the current Secured Party Group, then the
- Secured Party Group ID for the future Secured Party Group.
- Choose Selective Transfer to transfer particular financing statements from the current Secured Party Group to the future Secured Party Group.
Where you are transferring up to five financing statements enter the Financing Statement Registration Numbers on the initial page. Where you are transferring more than five financing statements choose Selective Transfer, then tick the boxes beside the appropriate financing statements to indicate which statements are to be transferred.
- Choose Global Transfer to transfer all financing statements from the current Secured Party Group to the future Secured Party Group.
- Confirm the financing statement transfer.
Your User ID is a nine-digit number and your password is seven alpha-numeric characters and is case sensitive.
To make changes to the name or membership of a Secured Party Group, first create a new Secured Party Group then transfer the financing statements to the new group.
A financing change statement is created for every financing statement transferred. A verification statement for every financing change statement will be sent to each secured party for both the current and future Secured Party Groups. The future secured party is required to supply a copy of the verification statement to every debtor unless those debtors have waived in writing their right to receive one.