117.Subsection (1) enables the assignee, and only the assignee (or the assignee’s agent – see section 120(4)), to apply to the Keeper to register an assignation document in the RoA.
118.Subsection (2) requires the Keeper to deal with applications for registration of assignation documents in the order in which they are received. The effect is to protect the priority of registration of an assignation document (and therefore of ranking of claims in, for example, an insolvency).
119.Subsection (3) sets out that the Keeper must accept the application if it is submitted with a copy of the assignation document, contains all the information the Keeper requires to make up an entry, conforms to RoA Rules, and the fee due to the Keeper is – or will be – paid. Rules can be made about information which can be redacted in the copy of the assignation document which is submitted (see section 39(2)(d) and (e)).
120.Subsection (4) provides that the Keeper must reject an application if any of the requirements mentioned in subsection (3) are not satisfied.
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