NAMA Discharges – Legal Office Notice No. 4 of 2011

Discharges of charges in the ownership of National Asset Loan Management Limited (NALML)

 Form of Release/Discharge

The Forms of Discharge/Partial Discharge, being lodged by NAMA, on behalf of its entity National Asset Loan Management Limited, have been agreed with NAMA.

A certificate, pursuant to Section 108 of the National Asset Management Agency Act 2009, is included in the Discharge.

Where the title to the charge has been registered on the subsidiary register, there will be a cross reference note to that effect on the borrower’s Folio.

The Registry Map will also reflect that registration.

Where the title of National Asset Loan Management Limited has not been lodged, or is pending registration, the charge has still effectively been acquired and no query should be raised on the ownership of the charge or the entitlement of National Asset Loan Management Limited to execute the discharge.

The inclusion of the Section 108 certificate in the body of the Discharge, to the effect that the subject charge is an acquired asset, is conclusive.

These Forms of Discharge should generally not be queried and in particular Acquisition Schedules should not be called for.

Procedures for the registration of Discharges by NALML:

The procedures will vary, depending on whether the discharge is full or partial and whether or not the property charged, or the property being released from the charge, is multi-storey.

Full Discharge:

The entry of the charge, as a burden on the borrower’s Folio, should be cancelled in the usual manner.

In addition, the relevant mapping references as set out in Part 1A of the Subsidiary Folio should be cleaned from Dmaps. If this is the only charge, registered on the relevant Subsidiary Folio, then that Folio should be closed. Otherwise, the following note should be added under the relevant property in Part 1A:

The entry of the above charge on the register has been cancelled. [Date and Instrument].

Partial Discharges:

The following procedures describe the manner in which partial discharges should be dealt with.

If the property charged AND partially discharged is NOT multi-storey

A blue seedpoint, plan number and blue marking will appear on the Registry Map.

The extent of the interest described on the Subsidiary Folio is reduced by the partial discharge. The blue boundaries on Dmaps should be amended accordingly.

In addition to any appropriate entry being made on Part 3 of the chargor’s Folio, the following should be made as a property note Part 1A of the Subsidiary Folio:

Part of the property shown as Plan XXXX coloured (RED/GREEN/PURPLE) on Registry Map is discharged from the charge described herein [Date/Instrument].

In cases where there are likely to be multiple discharges/dealings on the charged Folio, omnibus entries on affected Folios may be used. See below on multi-storey cases.

If the property partially discharged IS multi-storey:

A blue locator/super-seedpoint will appear on the Registry Map. However, the extent of the property is not marked by blue boundaries. In these cases, no amendment is necessary on Dmaps.

In smaller developments, (10 or less units) entries should be made on the relevant Folios as set out above.

Where there are likely to be multiple partial discharges/dealings on the charged Folio, an omnibus entry should be inserted in Part 3 of the charged Folio.

In addition to the appropriate entry being made on Part 3 of the chargor’s Folio, the following should be entered as a Property Note on Part 1A of the Subsidiary Folio under the appropriate charge entry:

Parts of the property described at entry no. XX Part 3 of Folio ——-, being the entry therein of partial discharges, are discharged from the charge described herein [Date/Instrument].

In cases where multiple partial discharges/dealings have already been registered on the charged Folio, which should now be noted on the Subsidiary Folio, the following should be entered as a Property Note on Part 1A of the Subsidiary Folio under the appropriate charge entry:

Parts of the property more particularly described in Part 3 of Folio ——- are discharged from the charge described herein.

Stand alone Partial Discharge lodged as separate Dealings:

See Legal Office Notice 5 /2011.

John Deeney,

Deputy Registrar of Titles

23rd of May 2011