Palau Secured Transactions Filing Office

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Frequently Asked Questions

Client Account

May a client account have more than one security administrator?

Yes. A client can have as many security administrators as deemed necessary to administer it users and update information in the account. It is a good idea to have at least two people with security administrator rights in case one of them is absent when a change has to be made, or, if one of them has his or her user name locked by the system, there is another person who can unlock the user name.

Expand If an employee who is an authorized user of the client account leaves employment, how can he or she be prevented from using the client account?

If an employee who is an authorized user of the client account leaves employment, how can he or she be prevented from using the client account?

The client account security administrator can change the user name for the employee to Deleted status. The employee will then be prevented from having access to the client account.

Expand If the status of an employee who is an authorized user of the client account is changed to Deleted and then returns to employment, can the user name be restored?

If the status of an employee who is an authorized user of the client account is changed to Deleted and then returns to employment, can the user name be restored?

No. Once a user name is changed to Deleted, it is unavailable. The employee can be added as a user under a new user name.

How can a user’s rights be restored if the user name is locked by the system due to too many unsuccessful attempts to log in?

The user should contact his or her client account security administrator, who can change the user’s status back to Active.

How often should user passwords by changed?

That is controlled by the client’s security policy, since the client is responsible for use of its client account. However, passwords should be changed whenever there is a chance that they have been compromised. It is recommended that users change their passwords at intervals of six months or less.

If data entry errors are found in a client’s Filing Notices, how can the client find which employee made the errors?

The filing numbers and date of filing are listed in date order in the account detail section of the client account record, which also includes the user name of the employee who entered the notices. The entry for the erroneous notices can easily be found in the account detail. If the date is in a prior month, the statement for that month can be viewed by selecting it in the client account record. It contains the same information.

Expand What if a client forgets to indicate a payment is for a client account and to include its client account number when paying on its account at the Financial Services Commission?

What if a client forgets to indicate a payment is for a client account and to include its client account number when paying on its account at the Financial Services Commission?

The payment will appear to the Filing system as if it were from a non-client, so it will not be credited to the client account. The client can contact the Filing Tech Support Desk as directed on the Welcome page on the website and provide the number from the receipt and the client account number. The Tech Support Desk can then apply the payment to the client account.

Filing

Is there a limit on the number of debtors and secured parties that can be included on a notice of security interest?

No. You can enter all debtors and secured parties who are parties to the security agreement, regardless of how many there are.

Expand If I am filing a notice and my collateral description is very long, and if I have it in an existing document, must I key the description into the collateral description field in the web form?

If I am filing a notice and my collateral description is very long, and if I have it in an existing document, must I key the description into the collateral description field in the web form?

No. If the collateral description is in a document, you can convert it to a PDF file and attach it by using the Browse feature on the Collateral tab.

If I find an error in a notice I have filed, can I ask the Tech Support Desk to correct it for me?

No. The Tech Support Desk cannot change an existing record. You must file a change notice to make the correction.

Expand If the collateral is a merchant’s inventory, must the secured party file a new notice or an amended notice whenever the merchant receives new inventory?

If the collateral is a merchant’s inventory, must the secured party file a new notice or an amended notice whenever the merchant receives new inventory?

No. Collateral descriptions may be stated in general terms. For example, a collateral description may be stated generally to include collateral acquired after the security agreement is concluded, or after the notice is filed

Expand If I make a keying error in the filing number of the initial notice when entering a change notice, will I accidentally amend or terminate someone else’s initial notice?

If I make a keying error in the filing number of the initial notice when entering a change notice, will I accidentally amend or terminate someone else’s initial notice?

No. The initial notice filing number includes a self-validating feature, so if an error is made in entering it in the file Change Notice screen, the system will catch the error and give you an error message.

One-time Users of Filing

Do I have to wait for a while after I make my payment before I can use the receipt number to log in to the Filing website?

No. The office that receives the payment will enter the payment information into the Filing database when it is received. You may use the receipt to log in to the website immediately.

Expand If I pay for filing three notices, but I cannot file two of them because I am missing some information, can I come back to file them later using the unused balance of my payment?

If I pay for filing three notices, but I cannot file two of them because I am missing some information, can I come back to file them later using the unused balance of my payment?

Yes. The Filing system will retain the unused balance for you for 90 days. When you log in, use the same number from the receipt that you used the first time. If a balance remains after 90 days, it will not be available for future fees. If you decide not to file the notices, you may request a refund by contacting the Tech Support Desk through the link on the Welcome page on the website before the 90-day period expires.

What if I try to log in, and the system tells me there is no payment under the number I entered from the receipt?

First, check the number you entered against the number on the receipt. If you entered it correctly, it is possible that the office that entered the payment information made an error when entering the number into the Filing system. You may contact the Tech Support Desk through the link on the Welcome page on the website and ask for assistance in finding your payment by your name (payor name) and the date of the payment. If the payment is found, the Filing staff can correct the error, and you can then log in and use the payment. The Tech Support Desk is staffed during morning hours on Tuesday through Saturday, so you should receive an answer quickly then, or overnight if you contact it at other hours.

Searching

Expand Is there any difference in what is reported on a certified search report and an uncertified search report? In other words, why would I ever want to pay for a certified search report if the information is identical with a free uncertified report?

Is there any difference in what is reported on a certified search report and an uncertified search report? In other words, why would I ever want to pay for a certified search report if the information is identical with a free uncertified report?

The information is exactly the same for certified and uncertified searches. For nearly all purposes, including documenting a loan file, a printout of an uncertified search is sufficient proof of the state of record when the search was done. You may need a certified search report if you need to prove your priority position in court. Otherwise, you do not need to incur the expense of a certified report.

If a borrower offers his car as collateral, can I rely on a search of the Filing by the car’s vehicle serial number (VIN)?

No. A secured party may secure its priority in a vehicle against other secured parties by describing it without the serial number in the notice. The vehicle serial number is required only for priority against the interest of a buyer of the vehicle. So if you are taking a security interest in a vehicle, you should search by the debtor name.

Expand If a search report shows that a termination statement has been filed, does that mean that the initial notice to which it is related is no longer effective?

If a search report shows that a termination statement has been filed, does that mean that the initial notice to which it is related is no longer effective?

No. You must insure that all of the secured parties on the initial notice and any amended notices are listed in the termination statement as authorizing secured parties. If any secured party did not authorize filing of the termination statement, the initial notice is still effective as to that secured party.