About the UNIfied Registry of Rights on Movable Assets

What is this website for?

This website is where you find the Unified Registry of Rights on Movable Assets. It is where you will register notices of security interest in movable property (Collateral), and search for existing notices of security interests. If you have agreed to take a security interest, in the movable property of someone (the Security Provider), to secure their obligation to you (usually an obligation to repay money), you may register a notice to inform others of your security interest. In order to check for a prior security interest in collateral that is offered to you as security for an obligation, you may search the Unified Registry of Rights on Movable Assets records through this website.

In a typical situation, a going business or an entrepreneur (the Security Provider) contacts a lender (Secured Party) to apply for a loan for the business. The security provider may offer the secured party a security charge over the business' equipment, its inventory, accounts receivable or other assets. The lender would first search the records of the Unified Registry of Rights on Movable Assets to see whether the assets being offered as collateral are subject to a prior security interest. For companies, the search will be made using the company registration number. If the security provider is an individual, the search uses their National Id Number. If there is no prior notice of security interest against the proposed collateral, the secured party can then enter the loan agreement with the security provider with confidence of its priority in the collateral against other lenders. The secured party would want to register its own notice of security interest over the collateral prior to disbursing the loan proceeds. Filing this notice in the Unified Registry of Rights on Movable Assets gives the filer priority position in the collateral in the event the security provider defaults.

If the potential lender finds in its search that a notice of security interest in the proposed collateral has already been registered by another person, 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 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 interest is too great.

Why register and search?

The reason for registering a notice of a security interest is to establish a creditor's priority rights in a security provider's collateral. The first creditor to register a notice will almost always have priority in the collateral over all other creditors should the security provider (borrower) default. Because of this, if a prior security interest is registered, then a current prospective creditor (or buyer) may not obtain priority (or clean title) in the movable property being pledged as collateral (or sold) and may wish to reconsider their business transaction. Therefore, the reason for searching the Unified Registry of Rights on Movable Assets records is to discover whether there may be a pre-existing security interest in the property of a security provider.

Who is the Registrar and what do they do?

The Saudi Business Center has been designated as the Registrar for the Unified Registry of Rights on Movable Assets. However, almost all business with the Registry is conducted on-line through this website. The Registrar is responsible for administering the website and collecting applicable filing fees, but filers are responsible for entering the information required to make a legally proper filing in the online Unified Registry of Rights on Movable Assets. The Registrar does not review any filings. Therefore, it is up to the filer to provide the relevant information.

If you have questions or need help with navigating the website, you may contact the Tech Support Desk by clicking the Technical Support link. The Tech Support Desk will review your query and respond within a short time.