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Movable Property Security Rights, 2017 (No. 13 of 2017).

Pays/Territoire
Kenya
Type du document
Législation
Date
2017
Source
FAO, FAOLEX
Source d'origine
Kenya Gazette Supplement No. 72 (Acts No. 13) of 12 May 2017.
Titre complet
An Act of Parliament to facilitate the use of movable property as collateral for credit facilities, to establish the office of the Registrar of security rights and to provide for the registration of security rights in movable property and for related purposes.
Sujet
Agriculture et développement rural
Mot clé
Développement agricole Crédit Enregistrement Règlement des différends
Aire géographique
Afrique, Afrique Orientale
Résumé

This Act provides with respect to financial arrangement involving interests in movable property. The objects of this Act are to— promote consistency and certainty in secured financing relating to movable assets; enhance the ability of individuals and entities to access credit using movable assets; and to establish the office of the Registrar and a Registry to facilitate the registration of security rights in movable assets. A security right is created by a security agreement and may regard tangible assets including crop or livestock. A security agreement may provide for the creation of a security right in a future asset, but the security right in at asset is created only at the time when the grantor acquires rights in it or the power to encumber it. A security agreement shall be in writing and the assets encumbered or to be encumbered (collateral) shall be described in the security agreement in a manner that reasonably allows their identification. A security right made effective against third parties in an attachment to immovable property under this Act has priority over a competing interest created and made effective against third parties under immovable property law.

Texte intégral
Anglais
Site web
kenyalaw.org