ROLLING STOCK TITLE SECURITY PRESENTER: CLAIRE VAN ZUYLEN
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ROLLING STOCK TITLE SECURITY
PRESENTER: CLAIRE VAN ZUYLEN
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ROLLING STOCK TITLE SECURITY:South Africa
• Under South African law, movable assets are classed as
– Corporeal (eg vehicles, equipment, aircraft, computers) or– Incorporeal (eg receivables, shares, credit balances in bank
accounts)
• The forms of real security available and recognised on insolvency for corporeal movable assets are:
– Liens (right of retention)– Pledges– Notarial bonds (special and general) registered in Deeds
Office– Reservation of ownership
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ROLLING STOCK TITLE SECURITY:South Africa
• There is no central registry of pledges, liens or reservations of title.
• Where a corporeal movable asset is secured by means of a special or general notarial bond, the notarial bond is registered in the Deeds Office for the jurisdiction in which the debtor carries on business, the security interest is registered.
• In certain cases there are national registries that record and identify corporeal movable assets per national asset serial numbers, and in some cases, also record security interests:
– Motor vehicles (eNatis)– Aircraft (Civil Aviation Authority Register)– Ships (Shipping Register)
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ROLLING STOCK TITLE SECURITY:South Africa
• There is no central registry of rolling stock.
• Individual owners of rolling stock keep their own asset registers:
– Transnet Freight Rail keeps an updated centralised asset register of its rolling stock.
– Heritage organisations such as Friend of the Rail, Steam in Action, and the Heritage Rail Association of South Africa keep their own registers of rolling stock under their control.
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ROLLING STOCK TITLE SECURITY:South Africa
• Rolling stock is either secured by means of a reservation of title (no central registry) or a special notarial bond registered in the Deeds Office.
• Special notarial bond v general notarial bond.
• Problems if rolling stock cross borders of South Africa:– Form of security may not be recognised;– Local insolvency and bankruptcy laws may not recognise
title or ranking of security.
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ROLLING STOCK TITLE SECURITY:South Africa
Questions?
Contact:
Claire van ZuylenBowman Gilfillan attorneysEmail: [email protected] landline: +27 11 6699406Website: www.bowman.co.za