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PRAI Register of NAMA Assets
PRACTICE AREA GROUP: Distressed Assets
Section 8 of the Registration of Title Act 1964 provides that the Registrar of Deeds and Titles can maintain a register of ownership of “such other rights in land as may be prescribed”. Section 70 of the 1964 Act provides that ownership of any burden capable of being registered under Section 69 may be registered in the specific register.
The Property Registration Authority have now established a register in respect of ownership of charges acquired by the National Asset Management Agency (NAMA) under the provisions of the National Asset Management Agency Act 2009. This will enable the ownership of blocks of charges acquired by NAMA to be maintained on individual folios.
For identifiable groupings of charges acquired by NAMA a separate folio will be opened on the subsidiary register maintained under Section 8 of the Act. For example, all of the charges relating to a particular borrower in the same county.
Folios on the subsidiary register carry the designation S. Details of the registered charge are set out in Part I of the subsidiary register. The description in Part I will include the identity of the lands affected and a note referring to the borrowers folio. The official notes column will reference the instrument under which the charge was originally registered on the borrowers folio.
A note is entered at the relevant charge in Part 3 of the borrowers folio that ownership of the charge is being transferred to the subsidiary register. The entity which will be registered on the subsidiary register is “National Asset Loan Management Limited”. The Property Registration Authority have issued an Office Notice in relation to the new procedures.