Erroneously Removed Standard Security - Rectifications

Process Steps

1.1 Check that the rectification request sufficiently identifies the standard security that was erroneously removed.

1.2 Complete an application record search and check that a discharge was not submitted for the standard security.

1.3 Check the application record and identify if there is live application prior to the date of the need for rectification.

1.3.1 If there is a live application over the title which precedes the date of the need for rectification being established refer to Rectifications SCW.

1.4 Examine the relevant standard security deed.

1.5 Examine the title sheet and identify the current registered proprietor.

1.6 Identify when the standard security was erroneously removed.

1.7 If there is no pending live application complete the rectification process.

1.7.1 If the debtor of the erroneously removed standard security is the registered proprietor and the standard security was removed before 8 Dec. 2014, reinstate the standard security in the securities section with the original registration date and consider ranking if additional entries exist. Refer if necessary.

1.7.2 If the debtor of the erroneously removed standard security is not the registered proprietor or if the standard security was removed on or after 8 Dec. 2014 refer to a senior officer.

1.8 Complete other general updates to the title sheet. 

1.9 Notify all the parties materially affected by the rectification.

1.9.1 In most cases this will require:

• A letter to the agent who acted on behalf of the proprietor for the transfer of title transaction. Refer to a senior officer if the date of registration of the transfer of title deed is more than 10 years.
  
  
• A letter to the agent who acted on behalf of the creditor for the application to register the reinstated standard security
  
  
• A letter to any agent who acted on behalf of a creditor for the application to register any other entry in the securities section whose ranking has been altered as a result of the reinstated standard security. 

1.9.2 In some cases this may require:

• A letter to the agent who acted on behalf of the applicant of an advance notice that is still within the 35 day time limit (e.g.pending advance notice indicates intention to register a Disposition).  

1.9.3 If a notification letter is being sent to an agent who acted on behalf of an applicant in a historical transaction, a check must be completed to ensure the agent still exists before sending any notification letters.