Titles can now be either electronic (eCT) or paper (pCT)
In the latest Titles Office Customer Information Bulletin (October 2006) samples of an electronic title search and Discharge of Mortgage. View samples
Under the EC regime, a title can flip flop between an eCT and a pCT.
An example is given that when a paper instrument is lodged affecting an eCT, if the controlling party of the Certificate of Title after the instrument is registered is not a Subscriber, a pCT will issue.
It is early days, the only current Subscribers are a handful of Financial Institutions during the current Phase 1 testing. FIs potentially are the biggest beneficiaries given the volume of paper titles and securities they must track and hold, which they potentially could convert to eCT.
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