Secured Transactions in Movable Assets Act, 2017. Country/Territory Nigeria Document type Legislation Date 2017 Source FAO, FAOLEX Long titleAn Act to provide for secured transactions, registration and regulation of security interests in movable assets; and for related matters. Subject Agricultural & rural development Keyword Agricultural development Credit Contract/agreement Agricultural commodities Business/industry/corporations Financial agricultural measures Geographical area Africa, North Atlantic, Western Africa Abstract This Act provides for creation of secured transactions, and registration and regulation of security interests in movable assets (all security interests in movable assets created by an agreement that secures payment or the performance of an obligation). The objectives of this Act are to: (a) enhance financial inclusion in Nigeria; (b) stimulate responsible lending to micro, small and medium enterprises; (c) facilitate access to credit secured with movable assets; (d) facilitate perfection of security interests in movable assets; (e) facilitate realization of security interests in movable assets; and (f) establish a collateral registry and provide for its operations. The Act does not apply to the creation or transfer of an interest in land other than account receivables. The Act defines rights and duties of a grantor, borrower and creditor. Full text English Website www.nassnig.org