Article Details
Id:15965
Product:finPOWER Connect
Type:NEW
Version:3.01.11
Opened:02/03/2018
Closed:27/03/2019
Released:03/04/2019
Job: J020340

Security Types; add new field "Collateral Class Description"

A new field "Class Description" has been added to Security Types. This can be used to describe the Class in more detail, for example, in NZ the class may be "Goods - Other" for Boats, so this helps expand on the basic information.

In NZ, this also overrides the description of "Goods - Other" and "All Present and After Acquired Personal Property Except" Collateral sent to the PPSR - but only if the description is at least 5 characters. For example, for Boat Security Type you could set this as "Watercraft".

WARNING: Changing this on an existing Security Type may create amendments for Financing Statements that have a Collateral Item of that type.