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Introduction
Welcome to the August edition of our LANDinfoNET Ltd
newsletter, covering issues relating to LINZ search
and registration, landonline, pending electronic registration
automation, Personal Property Securities Register and
more.
As you are aware LANDinfoNET Ltd was formed on June
1 by the combined commitment and amalgamation of Graham
& Graham and Beresfort Legal with our core focus building
on and continuing the relationship we have with you
in providing a cost effective service to help you help
your clients.
Should you wish to know more about the background of
the afore mentioned companies, our staff, focus and
commitment please visit the about
us page for more information.
Although this website provides for the full range of
LAND searching and PPSR search and registration we realise
we do lose some of our "personal touch". We love building
long term relationships with our customers and welcome
your calls or visits on any matter.
For those of you who choose to utilise this site for
ordering, we are now in the process of implementing
some exciting new features that will customise the site
to your firm and staff, with various options including
invoices being sent electronically with the search.
We will begin testing shortly and will keep you advised
of all benefits.
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LAND
ON LINE STAGE TWO - ELECTRONIC LODGMENT
The
Land Transfer (Computer Registers and Electronic Lodgment)
Amendment Act 2002 allows for the electronic lodgment
of certain standard documentation (Discharges, Transfers,
Mortgages) direct on to an electronic Title, without
the need for LINZ to sight the original documentation
or outstanding duplicate Title. LINZ will provide digital
licenses that provide registration certificates for
solicitors wishing to register electronically. It is
envisaged that both parties wishing to effect settlement
will log into an electronic work group, and settle and
register electronically simultaneously. This procedure
will be trialed later this year with implementation
mid 2003
We
are hearing from a number of our clients, concerned
that they may be forced into having to settle and register
electronically. Although the Act allows for electronic
lodgment to be compulsory, we cannot foresee this happening
within this decade (and perhaps the next).
We
have discussed the fundamentals with the Registrar General
of Land and are now confident that should you wish to
utilise the benefits of same day electronic settlement
and lodgment (once available), that we will be in a
position to act as your agents upon an undertaking from
you, for us to act within the electronic work group
on your behalf.
The
Registrar General of Land is now in the process of adopting
an audit process for those lodging electronically, as
the registration certificate also enables you to execute
electronically on behalf of your client. Once the Audit
process is complete and documented we will initiate
a system process and advise on how we will handle this
type of lodgment for you with out your need to have
a digital registration certificate and a working knowledge
of the electronic work groups.
We
want to reassure you that there will continue to be
registration as we now know, and should parties for
the other side of the settlement or your clients wish
to settle and register electronically we will be able
to act for you to allow electronic settlement and registration
to take place.
Remember
our core focus is to help you help your clients, we
will continue to keep you informed through out the trial
period and as information comes to hand.
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Emailing
searches direct to your desk top - LINZ and PPSR
We
are finding more and more of our clients are utilising
our ability to email LINZ and PPSR searches direct to
your desk top (or remote site). We do not charge to
email therefore generating cost saving's from having
the search faxed, and so much faster than by post. The
searches are sent as TIFF from LINZ or PDF from PPSR,
files can be opened by any computer running windows
95 or later. This provides the choice to view on screen,
save direct to your clients file or print a hard copy.
If
you are in an area with slow Internet connection or
you do not wish to utilise our web site or email to
order, please download our latest search and LINZ registration
forms from printable
forms.
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REGISTERING
CORRECT COLLATERAL DETAILS ON PPSR
When
searching the PPSR, searching can be refined by collateral
type; therefore registration using an incorrect collateral
type can cause searches to fail due to misdescription,
which may render the financing statement "seriously
misleading".
To
assist you choosing the correct collateral type here
is a list of examples of collateral options available
on the PPSR.
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Collateral
type available on PPSR
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Example
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| Goods
- Livestock |
Cows,
sheep, ostriches |
| Goods
- Crops |
Pip
fruit, grape production, wheat production |
| Goods
- Other |
Inventory,
equipment, consumer goods, with description |
| Documents
of Title |
Warehouse
receipts |
| Chattel
paper |
Hire
purchase agreements |
| Investment
securities |
Shares,
options |
| Negotiable
instruments |
A
promissory note, a letter of credit |
| Money |
NZ
dollars, Japanese yen, bank deposit of NZ$10 million
lodged with bank |
| Intangibles |
Trademarks,
patents and copyright, accounts receivable |
| All
present and after acquired personal property |
All
present and future assets |
| All
present and after acquired personal property except |
As
above excluding assets listed |
| Motor
Vehicle |
Car,
Motor cycle |
| Aircraft |
Helicopter,
aeroplane, glider |
Our
policy when searching is to search all collateral
types for an individual or organization to prevent
excluding an incorrectly registered financing statement.
Should you be in doubt as to what collateral type
to show when submitting registration details to us,
please advise to ensure a valid financing statement
is registered.
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F
a r e w e l l
Thank you for taking the time to read our newsletter.
We look forward to continuing to provide you with information
that will be of value to your practice. Please do not
hesitate to contact us if you have any questions or
comments in regard to this newsletter - we would love
to hear from you.
All
back issues are held on this site.
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Disclaimer
Although every effort has been made to ensure the accuracy
of the information within this newsletter, we are not liable
for the results
of any action taken on the basis of the information given
or any
errors or omissions.
© 2002
LANDinfoNET Limited
BACK
TO TOP
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PREVIOUS
NEWSLETTERS
>ISSUE
1 - 14 AUGUST 2001
>ISSUE 2 - 3 DECEMBER 2001
>ISSUE 3 - 15 MAY 2002 |
in
this issue
Introduction
Landonline Stage
Two - Electronic Lodgements
Reminder regarding
registration under Landonline
LINZ time frames -
plans to approve, new titles to issue
Emailing
searches direct to your desktop - LINZ and PPSR
Personal Property Securities
Registration
Existing securities
need to be registered on the PPSR by October 2002 to maintain
current priority
Registering correct
collateral details on PPSR
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Reminder regarding registration under landonline
Under the Landonline system, certain types
of documents are not required to be produced to LINZ
for registration.
All new duplicate documents are not required, as only
the one copy is now required to be scanned and then
returned by LINZ (LINZ no longer hold a hard copy).
Other
documents not required to be produced, are original
mortgages where a partial or full discharge is registered,
or a lease when a variation is registered.
If you need clarification on whether a document is
required to be produced, please contact us and we
can advise you accordingly.
Landonline has basically removed the requirement
for declarations of loss being registered other than
for lost Titles.
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LINZ
time frames - plans to approve, new titles to issue.
LINZ recently published their processing time standards
under the Landonline environment being "95% of
titles processed within 20 working days for 9 out of
12 months". We feel this "standard" certainly leaves
plenty of scope for LINZ to work outside their 20 days
on 5% of the dealing's at any time and all dealings
for any 3 months of the year! With Murphy's Law looking
over the most urgent dealing's, please feel free to
contact us for an update on current time frames, prior
to discussing time frames with your developer clients.
At the time of writing South Auckland has a turn around
of approx 15 days to process the plan for approval and
18 days to issue the Titles (once the plan is approved).
Auckland
is now taking approx 30 days to process the plan for
approval and 30 days to issue the Titles (once the plan
is approved).
Auckland is now going through the same very rough time
frames the rest of the country went through when converting
to Landonline. We would anticipate Auckland time
frames to be inline with the rest of the country by
about November when the conversion is due for completion.
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Personal
property securities registration
We have been registering both new and existing securities
on to the PPSR since June 2002 when the register came
into force. We have the full facility to register both
new and existing securities for individuals and organisations
on this site. Due to the nature and the changing content
of the information required to register on the PPSR,
depending on certain criteria, we would be most grateful
if you could utilise this site to provide us with the
information you require registered.
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Existing
securities need to be registered on the PPSR by 31
October 2002 to maintain current priority
Please do not leave registering your existing securities
until the last minute. Due to the complexity and different
criteria required to register on the PPSR, we strongly
recommend registering existing securities well before
the cut off date of 31 October 2002 (which is fast
approaching). This will ensure that the securities
are registered and continue to have priority as of
the date registered under the statutes prior to the
PPS Act 1999.
From 1 November 2002 you will no longer have the benefit
of priority dates registered under the Companies Register
of Charges, High Court Chattels Security or the Motor
Vehicle Securities Register, priority will be at the
date and time of registration on the PPSR regardless.
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