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Personal Property Security Registration

Registry Purpose

This government e-service site is where you find the Security Interests in movable property registered in the Personal Property Registry System for Malawi. The purpose of this on-line service is to provide a facility for lenders interested in taking collateral as security to both check  (search) if the proposed collateral has an existing security interest registered against it and to register its’ security interest against that collateral to protect their priority status as outlined in the Personal Property Security Act.

Learn more about the Collateral Registry

On this service you will register notices of security interests in movable property (collateral) and will be able 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 over an individual or company’ collateral (the debtor) to secure their obligation to you, as creditor, (usually an obligation to repay money) you may register a notice here to inform others of your security interest. The service provides you with the facility to search for prior security interests in collateral that are offered to you as security for an obligation. You may conduct a search in the Registry's records through this online web service as well.

Registry Function

In a typical situation under the Act, a person borrower (the debtor) contacts a lender (secured party/creditor) 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 Personal Property Security Registry (PPSR) 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 Chassis number or VIN. If there is no prior notice of a security interest against the proposed collateral, the secured party can then enter the financing statement information with the debtor’s consent.  The secured party will have confidence of its priority status in the collateral against other lenders. It is good practice for the secured party to register its 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 entity, 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 buying an item of personal property - especially if you are buying something second hand. If you purchase personal property (e.g. motor vehicle) that is subject to a security interest, the secured party (lender) may be able to repossess the goods from you if the loan obligation has not been repaid.

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 Personal Property Security Registry (PPSR). Those details include basic personal details, as the debtor. In particular the registration will include your name and address and contact details.

The information registered will also include a description of the personal property (collateral). The PPSR does not record financial details of the transaction, for example, the terms and conditions of the loan or the value of the personal property

The Registrar General is the Registrar of the Personal Property Security Registry. In this regard, our office registers and administers interest over personal property used as security in commercial transactions.

Stamp Duties Act Cap. 43:01
Personal Property Security Act, 2013

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