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Clarification on Secured loan and borrowing accommodation

For your information and guidance,  kindly refer to the provisions of item K.1 of Subsection X326.1 of the Manual of Regulations for Banks on the definition of secured loan, borrowing or other credit accommodation, as follows:

k. Secured loan, borrowing or other credit accommodation shall refer to any loan or credit accommodation or portion thereof referred to in Sec. 327 which is secured by:  (1) Real estate mortgage, chattel mortgage on tangible assets and pledge of jewelry, precious stones and other valuable articles.

Please be informed that the real estate mortgage provided therein must be registered with the Registry of Deeds and the chattel mortgage on chattel assets provided therein must be registered with the registry of deeds or other appropriate registry, in order for the loan or borrowing to be secured under said regulation.

To read the full details, kindly download the attached PDF m016

Thank you.