A Guide To Taking Security - 19 September 2018

Registration of security granted by a Bermuda exempted company

Following execution of the security document(s), the secured party will want to ensure that particulars of the security are filed with the Registrar of Companies in Bermuda (the "Registrar"). Each Bermuda company providing the security and the secured party (and any other person interested in such security) has the option of making an application to register the security in the register of charges held by the Registrar. If the security is duly registered with the Registrar it will, in respect of the secured assets, have priority over any security interests which are not registered or which are subsequently registered in the register of charges in respect of those assets. Registration of the security in this manner also provides constructive notice of the existence of the security to third parties. The security provider should deliver a copy of the certificate of registration of charge and the stamped