Security Interest in Movable Property Act

1. This Act shall come into force on a date appointed by the Minister, by statutory instrument

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. "accounts receivable" means a payment of a monetary obligation that is not evidenced by a negotiable instrument or an investment security;
2. "bureau" means the Uganda Registration Services Bureau, established by the Uganda Registration Services Bureau Act, Cap. 210;
3. "cash proceeds" means money, cheques, bank drafts on deposit accounts in financial institutions derived from lease, sale or other disposition of movable collateral;
4. "chattel" means personal property that can be completely transferred by delivery or property in respect of which a valid document of title exists;
5. "collateral" means movable property that is subject to a security interest;
6. "commercial consignment" means a consignment where a consignor reserves an interest in the tangible assets that the consignor delivers to the consignee for the purpose of sale, lease or other disposition and both the consignor and consignee in the ordinary course of business, deal in those assets;
7. "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass;
8. "competing claimant" means a creditor of a grantor or other person with rights in the collateral that may be in competition with the rights of the secured creditor in the same collateral, including-

28 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) This Act applies to security rights in movable property where the movable property is-
2. (a) a tangible asset located in Uganda;
3. (b) an intangible asset, where the grantor of the asset is located in Uganda;
4. (c) a tangible or intangible asset which is ordinarily used outside Uganda, where the grantor of the asset is located in Uganda;
5. (d) a movable property attached to immovable property.
6. (2) This Act also applies to security interests in movable property where-
7. (a) the collateral is a deposit account maintained in a financial institution that has a place of business in Uganda;
8. (b) the transaction involves a movable property that secures a payment or the performance of an obligation, without regard to the form or ownership of the movable property including a floating charge, a fixed charge, a pledge, a debenture, a warehouse receipt and any other transaction that secures payment or performance of an obligation with movable property;

12 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A security interest may be created-
2. (a) in any type or combination of movable property;
3. (b) in a part of or an undivided interest in movable property;
4. (c) in a generic category of movable property; or
5. (d) in all of the movable property of the grantor.
6. (2) A security interest is created by a transaction that secures payment or performance of an obligation, without regard to the form of the transaction.
7. (3) An agreement for a security interest becomes enforceable where-
8. (a) the grantor or the owner, has a right in the collateral or has the power to encumber the collateral;

11 further items remain in the statutory text above.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. (1) An agreement to create a security interest is effective according to its terms, between the parties to it and is enforceable against a third party.
2. (2) A duty of good faith applies to both the grantor and the secured creditor.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A secured creditor has a duty to use reasonable care to preserve collateral in his or her possession.
2. (2) In the case of a negotiable instrument or chattel paper, reasonable care referred to in subsection (1) includes taking necessary steps to preserve rights against prior parties, unless otherwise agreed.
3. (3) Unless otherwise agreed, where collateral is in the possession of the secured creditor-
4. (a) reasonable expenses, including the cost of any insurance incurred in the custody, preservation, use or operation of the collateral are chargeable to the grantor and are secured by the collateral;
5. (b) the risk of accidental loss or damage is on the grantor to the extent of any deficiency in any effective insurance cover; and
6. (c) the secured creditor may hold as additional security, any increase or profits from the collateral, except that the profits or money must be remitted to the grantor or must be applied in reduction of the secured obligation;
7. (4) A secured creditor may use or operate the collateral for the purpose of preserving the collateral or its value or pursuant to a court order or, except in the case of consumer goods, in the manner and extent agreed.
8. (5) Subsections (1), (2), (3) and (4) apply whether or not possession arises from the default of the grantor.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A grantor, debtor, a judgment creditor, a person with interest in the personal property of the grantor or an authorised agent of any of these, may request the secured creditor to update him or her on the-
2. (a) status of the collateral; or
3. (b) amount of unpaid debt secured by the security interest.
4. (2) The secured creditor shall, not later than ten working days after the day on which the request is received respond to the request.
5. (3) Where the secured creditor fails to comply with subsection (2), a person aggrieved by that decision may apply to court which may make an order-
6. (a) requiring the secured creditor to comply;
7. (b) extending the time for compliance; or
8. (c) requiring any person to take any other steps it considers necessary to ensure compliance.

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Once created, a security interest continues in the collateral notwithstanding a sale, lease, license, exchange, or other disposition, of the collateral, except as otherwise provided in this Act or agreed upon by the grantor and the secured creditor.
2. (2) Unless otherwise agreed to by the parties, where a collateral that is the subject of an agreement for security interest is sold, the security interest in the collateral automatically extends to the proceeds of collateral, whether or not the agreement contains a description of the proceeds.
3. (3) Where the proceeds are credited to a deposit account, and are commingled with other funds, the proceeds shall be dealt with as may be prescribed by regulations made under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A security interest in collateral created under Part II of this Act is perfected where-
2. (a) a notice of the security interest in the collateral is entered in the register;
3. (b) the secured creditor, or a person acting on behalf of the secured creditor has possession of the collateral; or
4. (c) the collateral is a deposit account and the secured creditor or a person acting on behalf of the secured creditor has control of the deposit account.
5. (2) For purposes of subsection (1) (b), a secured creditor is not in possession of collateral that is in the actual or apparent possession or control of the grantor or an agent of the grantor.
6. (3) For the purposes of subsection (1) (c), control of a deposit account exists-
7. (a) automatically upon the creation of the security interest, if the financial institution that maintains the deposit account is the secured creditor; and
8. (b) upon the conclusion of an agreement for the control of a deposit account made by the financial institution, the grantor and the secured creditor.

2 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Where collateral is dealt with to give rise to proceeds in form of money, accounts receivable, negotiable instruments or a right to payment of funds to a bank account, the proceeds of the collateral shall be perfected without any further action.
2. (2) Where the proceeds are not of the type described in subsection (1), the secured creditor shall perfect the security interest in the proceeds using any of the methods in section 12(1) or as may be prescribed by regulations made under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Where all or part of a security interest that is perfected by the registration of a notice under section 12 (1) (a), is transferred, the transferor shall register an amendment to the notice.
2. (2) Where a security interest that is not perfected by registration is transferred, the notice in which the transferee of the security interest is disclosed as the secured creditor of the security interest shall be registered under section 12 (1) (a).
3. (3) Registration under this section shall be as prescribed by regulations made under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Where a security interest in movable property is perfected against a third party under the law of a state other than Uganda, and the property is relocated or transferred to Uganda, this Act shall apply to the property and the security interest remains perfected.
2. (2) Subsection (1) shall apply where the country in which the collateral was perfected has entered into reciprocal arrangements with Uganda to recognise and continue the perfection of security interests created in Uganda.
3. (3) Nothing shall prevent a person who has perfected a security interest under the laws of a State other than Uganda to perfect the security interest in Uganda where the collateral is relocated or transferred to Uganda.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) This Act shall continue to apply to collateral perfected in Uganda and relocated or transferred outside the territorial jurisdiction of Uganda.
2. (2) Where collateral that is perfected in Uganda is transferred beyond the territorial jurisdiction of Uganda, the collateral shall remain perfected against third party claims.
3. (3) Where collateral is transferred or relocated beyond the territorial jurisdiction of Uganda, the secured creditor may in addition to the collateral already perfected, perfect another security interest using any methods in section 12 or as may be prescribed by regulations.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Registrar General appointed under the Uganda Registration Services Bureau Act, Cap. 210 shall be the registrar of security interest in movable property under this Act.
2. (2) The functions bestowed on the bureau under this Act shall be performed by the Registrar.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The bureau shall establish and maintain a register of security interests in movable property to be known as the "register of Security Interest in Movable Property".
2. (2) The register shall be maintained as an electronic records system and shall specify the nature of the security interest registered and details of the personal property over which the interest is created.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A security interest in movable property shall be registered electronically in the register using an initial notice or amendment notice which shall be registered sequentially, in the order in which it is submitted for registration.
2. (2) An initial notice or amendment notice shall only be registered-
3. (a) after the creation of a security interest;
4. (b) on the payment of the prescribed fees; and
5. (c) upon authorisation by the grantor in writing.
6. (3) Notwithstanding subsection (2), an initial notice or amendment notice may be registered before the creation of a security interest or the conclusion of a security agreement to which the initial notice or amendment notice relates if the registration of the initial notice or amendment notice is authorized by the grantor in writing.
7. (4) The register shall reflect the date and time when the information is entered in the register.
8. (5) Subject to section 25, an initial notice or amendment notice shall be effective from the date and time when the information in the notice is entered in the register.

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. A single notice may be registered for two or more security interests created by the same grantor under two or more security interest agreements with the same secured creditor

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A notice of a lien may be registered by the lien holder without the consent of the subject of the lien.
2. (2) A notice of a lien on the property of a judgment debtor may be registered by the judgment creditor after obtaining a court order.
3. (3) A notice of lien on the property of an insolvent company may be registered by the court or a liquidator appointed by the court.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An initial notice shall contain the following information-
2. (a) the unique identification number and address of the grantor;
3. (b) the unique identification number and address of the secured creditor or the representative of the secured creditor;
4. (c) a description of the collateral;
5. (d) the date and period of perfection of the registration; and
6. (e) any other information as may be prescribed by the Minister, by regulations.
7. (2) Where there is more than one grantor or secured creditor, the required information shall be entered separately for each grantor and each secured creditor.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An initial notice is effective for the period indicated by the secured creditor in the notice.
2. (2) The period of perfection of an initial notice may, within six months before the expiry of the period, be extended by registration of an amendment notice, for the period indicated by the secured creditor in the amendment notice.
3. (3) Where an initial notice lapses without amendment, the security interest that was perfected by the lapsed initial notice shall be discharged.
4. (4) The lapsing of an initial notice shall not preclude the secured creditor, where the grantor has not fulfilled its obligations under the agreement that created the security interest, from perfecting the security interest by any other method.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The secured creditor or grantor may register a cancellation notice where the-
2. (a) registration of an initial notice or the amendment notice was done in error or through fraud;
3. (b) registration of the initial notice or amendment notice was not authorised by the grantor;
4. (c) collateral is no longer subject to the security interest; or
5. (d) security interest to which the notice relates has been extinguished and the secured creditor has no further commitment to provide value to the grantor.
6. (2) Notwithstanding subsection (1), the Registrar may cancel notices filed under this Act where-
7. (a) the duration in section 23 lapses without the notice being amended;
8. (b) the transaction creating security interest rights between the grantor and the secured creditor contravenes the provisions of the Tier 4 Microfinance Institutions and Money Lender 's Act or any other law;

7 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A person who believes that a notice is inaccurate or was wrongfully registered, may register a notice of objection to the notice, as may be prescribed by regulations made under this Act.
2. (2) The registration of a notice of objection does not affect the perfection of a notice.
3. (3) Where a notice of objection is registered under subsection (1), and the secured creditor fails to respond, in part or wholly, to the notice, the person who registers the notice shall make an application for cancellation of the initial notice to the registrar.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A secured creditor shall, within five working days after the obligation secured by the collateral has been paid or performed in full, discharge a security interest and file a discharge notice.
2. (2) Where the secured creditor does not, within the time prescribed in subsection (1) file a discharge notice, the grantor may apply to the registrar to discharge the initial notice or amendment notice.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The register shall be made available to the public for search electronically, at a fee, as may be prescribed.
2. (2) Where requested, the registrar shall issue a certified report of the results of a search of the register, at a fee, as may be prescribed.
3. (3) A certified report issued by the registrar under subsection (2) shall be admissible as evidence in any proceedings without any further or other proof of its authenticity.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The registrar shall upon the expiry of a notice, remove the notice from the register.
2. (2) Except as provided for under this Act, the registrar shall not remove from, or amend any information in the register.
3. (3) The registrar shall archive the notice removed from the register under subsection (1), for ten years.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The registrar or an officer acting under the authority of the registrar shall not be liable for any action or omission done pursuant to this Act

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) priority between perfected security interests shall be determined by the order of whichever of the following actions first occurs-
2. (i) the registration of an initial notice;
3. (ii) the secured creditor, or another person on the secured creditor's behalf, taking possession of the collateral; or
4. (iii) the secured creditor, or another person on the secured creditor's behalf acquiring control of the collateral; and
5. (c) priority between unperfected security interests in the same collateral shall be determined by the order of creation of the security interests.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The order of priority of a security interest is not affected by a change in the method of perfecting the security interest where security interest is not at any time unperfected

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The priority of a security interest extends to all obligations secured by the security interest including the obligations that are incurred after the security interest is perfected.
2. (2) The priority of a security interest covers all the collateral described in the register whether the collateral was acquired by the grantor or come into existence before or after the registration of the notice.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The priority of a security interest in the collateral shall also be the priority with respect to proceeds arising from dealing in the collateral

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Where a tangible asset which becomes part of a product or mass, had two or more competing security interests, the order of priority of the competing security interests in the product or mass is the same as the order of priority that the security interests had in the tangible asset immediately before the tangible asset becomes part of the product or mass.
2. (2) Where two or more security interests are perfected in one tangible asset before it becomes part of a product or mass, the competing security interests rank in proportion to the value of the product or mass at the time the tangible asset becomes part of the product or mass.
3. (3) Where more than one security interest extends to commingled goods, a security interest perfected before the goods become commingled has priority over a security interest that is perfected at time the collateral becomes commingled goods.
4. (4) Where more than one security interest in commingled goods is perfected before the security interest become commingled goods, the security interest shall rank equally in proportion to the value of the collateral at the time it became commingled goods.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A security interest taken in a tangible asset that becomes a fixture, shall continue in the tangible asset after the tangible asset is affixed to the immovable property.
2. (2) A perfected security interest in a tangible asset that becomes a fixture under this Act has priority over a competing interest in immovable property created and perfected under the Land Act, Cap. 227 and the Mortgage Act, 2009.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A security interest in growing crops or in crops to be grown, which is perfected and the grantor is in legal possession of the land where the crops are, has priority over the interest of the owner of the land or the mortgagee of the land.
2. (2) A security interest in crops or in the proceeds of the crops, given for value to enable the grantor to produce or harvest the crops, and given while the crops are growing or within a period of six months, before the crops are planted, has priority over any other security interest in the same collateral given by the same grantor.
3. (3) The rights of a judgment creditor who causes land where crops that have an unperfected security interest to be seized in order to enforce a court judgment take priority over an unperfected security interest in the crops.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A purchaser, transferee, lessee, and licensee of collateral that is subject to a perfected security interest acquires rights in the collateral which is subject to the security interest, except where-
2. (a) the purchaser, transferee, lessee, or licensee, as the case may be, acquires the rights free of the security interest and the secured creditor authorizes the sale or other transfer to be free of the security interest;
3. (b) the lessee or licensee, as the case may be, acquires the rights free of a security interest and the secured creditor authorizes the lease or license to be free of the security interest;
4. (c) a purchaser of the collateral, where the collateral is sold in the ordinary course of the business of the seller acquires the right free of the security interest, where at the time of the purchase, the buyer does not have knowledge that the sale violates the rights of the secured creditor under the security agreement; or
5. (d) the rights of a lessee or licensee of collateral where the collateral is leased or licensed in the ordinary course of the business of the lessor or licensee are not affected by the security interest, where at the time of the lease or license, the lessee or licensee does not have knowledge that the lease or license violates the rights of the secured creditor under the security agreement.
6. (2) Where collateral is subject to a security interest that is not perfected-
7. (a) a court or a liquidator of an insolvent person that takes physical custody or control of the collateral takes the collateral free of an unperfected security interest;
8. (b) a purchaser or lessee who acquires goods for value and receives possession of the goods takes the goods free of an unperfected security interest; and

4 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. Where collateral is subject to a security interest that is not perfected, a person who takes possession or control of the collateral without knowledge of the security interest, takes the collateral free of an unperfected security interest

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) An acquisition security interest has priority over a competing non-acquisition security interest that is created by the grantor.
2. (2) In this Act, "an acquisition security interest" means a security interest in a tangible asset or in intellectual property or the rights of a licensee under a licence of intellectual property, created by a person who provides credit to the grantor which secures an obligation to pay any unpaid portion of the purchase price of an asset or other credit extended to enable the grantor to acquire a tangible asset or rights in an asset to the extent that the credit is used for that purpose.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A security interest in a negotiable instrument that is perfected by possession of the negotiable instrument has priority over a security interest in the negotiable instrument that is perfected by registration of a notice in the register.
2. (2) A purchaser of a negotiable instrument has priority over the security interest of a secured creditor in the negotiable instrument where, in the ordinary course of the business of the purchaser-
3. (a) the purchaser gives value;
4. (b) the purchaser takes possession of the negotiable instrument; and
5. (c) the purchaser does not have knowledge that the sale is in violation of the rights of the secured creditor under the security agreement.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. A debtor, grantor or any other person that owes a payment or a performance with respect to a secured obligation shall not unilaterally waive any of the rights of a debtor, grantor or that other person under this Part before default

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Where a debtor defaults on the obligation to pay or where another event of default occurs, the security interest becomes enforceable.
2. (2) Where a grantor defaults to perform a secured obligation, the secured creditor may enforce the security interest by exercising any right-
3. (a) under this Act;
4. (b) provided in the security agreement; or
5. (c) provided under any other written law.
6. (3) Where a debtor defaults to perform a secured obligation, the secured creditor shall serve on the grantor a notification, in writing or in other form agreed between the parties, to pay the money owing or perform and observe the agreement as the case may be.
7. (4) The notification shall state the following matters-
8. (a) the nature and extent of default;

6 further items remain in the statutory text above.

Citing judgments are indexed, but no express interpretive proposition has yet passed the passage-verification threshold. Open Judicial treatment for the citing passages.

1. Where the enforcement of a security interest is commenced by a secured creditor other than the secured creditor whose right has priority over that of the enforcing creditor, the secured creditor shall be entitled to take over the enforcement at any time before the sale of the collateral

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. "control agreement" means an agreement between a financial institution, a grantor and a secured creditor, in which the financial institution agrees to follow the instructions of the secured creditor without the further consent of the debtor.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) In cases not covered by section 46, and subject to the rights of a person with priority in the possession of a collateral, including a lessee or licensee, the secured creditor is entitled to take possession of the collateral after default, with or without a court order.
2. (2) For the purposes of subsection (1), a secured creditor may take possession of a collateral without a court order where-
3. (a) the grantor, in writing, consents to the secured creditor taking possession of the collateral without a court order;
4. (b) the secured creditor gives a notice of default and a notice to take possession by the secured creditor, to the grantor or the person in possession of the collateral, where the collateral is not with the grantor; and
5. (c) possession or control of the collateral can be taken without a breach of the peace.
6. (3) "Breach of the peace" in subsection (2) means-
7. (a) entering the premises of the grantor without permission; or
8. (b) being physically violent or intimidating the grantor.

2 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Save as provided for under section 46, where a debtor is in default, a secured creditor may sell any or all of the collateral in its condition or following any commercially reasonable preparation or processing.
2. (2) The sale of the collateral shall be by auction.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A secured creditor shall, at least ten working days before disposing of a collateral, give notice to grantor, any other secured creditor, owner of the collateral or any other person as it deems fit and file with the registrar, a disposal notice.
2. (2) A notice of disposition shall-
3. (a) indicate the grantor and the secured creditor;
4. (b) describe the collateral;
5. (c) indicate the amount required to satisfy the secured obligation including the interest due and the expenses incurred; and
6. (d) state the time and place of the public sale.
7. (3) A person may, within five days of receipt of a notice referred to in subsection (1), object to the disposition of the collateral.
8. (4) The objection shall be in the prescribed form and shall state the grounds of objection.

8 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A secured creditor shall at least ten working days before the distribution of the proceeds of sale or disposal, give notice of the proposed distribution to the persons specified in section 49 (1).
2. (2) The notice shall include-
3. (a) the earliest date on which the distribution may occur;
4. (b) the date on which persons who are given notice of the proposed distribution as required under subsection (1), may present claims on the proceeds of sale which are to be distributed;
5. (c) the address to which the claims made under paragraph (b) are to be presented; and
6. (d) the type of proof of the claim to be provided.
7. (3) The persons listed in section 49(1) shall within five working days from the receipt of the notice provide the secured creditor with-
8. (a) an authenticated claim of the interest: or

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A secured creditor who disposes of collateral shall apply the proceeds of the disposition in the following order-
2. (a) to payment of the reasonable expenses of retaking, holding, preparing for sale, selling, and to the extent provided for in the agreement, the reasonable legal and professional fees incurred by the secured creditor;
3. (b) payment for the satisfaction of obligations secured by a security interest that has priority claim in the collateral or lien;
4. (c) payment for the satisfaction of the obligation secured by the security interest of the enforcing secured creditor; and
5. (d) payment for the satisfaction of the obligations secured by any subordinate security interest or lien in the collateral where written demand and proof of the interest are received before the distribution of the proceeds is completed.
6. (2) A secured creditor or lien holder who enforces the distribution of the proceeds of a disposition may after deduction of the payments specified in subsection (1), pay the surplus of the proceeds to a court for distribution to the other claimants.
7. (3) The secured creditor shall account to the grantor or owner of the collateral for the surplus of the proceeds, if any.

1. (1) A secured creditor shall, within ten working days after the disposal of the collateral, provide a written statement of account, to the grantor, owner, any other secured creditor or person with interest in the collateral.
2. (2) The statement of account shall indicate-
3. (a) the amount of the gross proceeds of the disposal;
4. (b) the amount of the costs and expenses of enforcement and disposition; and
5. (c) the balance owing by the secured creditor to the debtor, or by the debtor to the secured creditor as the case may be.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) When collateral is sold to a purchaser for value, the sale-
2. (a) transfers to the purchaser all the rights of the debtor in the collateral;
3. (b) discharges the security interest; and
4. (c) discharges any security interest or lien subordinate to the security interest.
5. (2) Subsection (1) applies even where the secured creditor fails to comply with the requirements of this Part where a purchaser-
6. (i) has no knowledge of any defects in the sale;
7. (ii) does not buy in collusion with the secured creditor, other bidders or the person conducting the sale; and
8. (iii) the purchaser acts in good faith.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The grantor, a person with a right in the collateral, or the debtor, is entitled to terminate the enforcement process and redeem the collateral by-
2. (a) tendering performance of the obligations secured by the collateral; or
3. (b) paying the expenses that were incurred to seize, hold, repair and prepare the collateral for disposition.
4. (2) A collateral may be redeemed where the secured creditor has not yet sold or disposed it of.
5. (3) A grantor has the priority to redeem the collateral, over any other person.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Where a secured creditor sells or otherwise disposes of the collateral in accordance with the provisions of this Part, the buyer or transferee of the collateral acquires the rights of the grantor in the collateral free of the rights of the enforcing secured creditor and any competing claimant.
2. (2) Where a secured creditor leases or licenses the collateral, the lessee or licensee is entitled to the benefit of the lease or license during its term.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. Where a secured creditor does not comply with the requirements of this Part, the grantor, a person with a right in the collateral or the debtor, may apply to court for relief and recovery from the secured creditor of damages, for any loss caused by the failure to comply with this Part

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Registrar General may, impose an administrative penalty on a person that does not comply with this Act as may be prescribed by regulations.
2. (2) Where a person fails to pay an administrative penalty imposed under subsection (1), the Registrar General may, by way of civil action in a competent court, recover the amount of the administrative penalty from such person as an amount due and owing to the bureau.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A person who files a notice with fraudulent, frivolous or malicious intent commits an offence and is liable on conviction to imprisonment not exceeding two years or a fine not exceeding two hundred currency points or both.
2. (2) A person who for the purpose of deceiving the Registrar General or an officer of the bureau in the execution of this Act, makes or submits a false statement or representation, whether orally or in writing, knowing the same to be false, commits an offence and is liable on conviction to imprisonment not exceeding two years or a fine not exceeding two hundred currency points or both.
3. (3) A person who, makes a false statement or a misrepresentation, whether orally or in writing, for the purpose of procuring or influencing the doing or omitting the doing of anything in relation to this Act and who, on becoming aware of the false statement or misrepresentation, fails to inform the Registrar General commits an offence and is liable on conviction to imprisonment not exceeding two years or a fine not exceeding two hundred currency points or both.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Minister may, by statutory instrument, make regulations for, or with respect to any matter under this Act that is necessary for giving effect to the provisions of this Act.
2. (2) Without limiting the generality of subsection (1), regulations made under this section may-
3. (a) provide for the procedure for registration of notices, liens and any other matters related to the register;
4. (b) provide for the format of notices;
5. (c) provide for the procedure and requirements for conducting a search of the register;
6. (d) prescribe the fees to be paid under this Act;
7. (e) prescribe the administrative penalties payable under this Act; and
8. (f) prescribe anything required to be prescribed under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Chattels Securities Act, Act No. 7 of 2014 is repealed.
2. (2) A prior security interest that was perfected or made effective against third parties under any other law shall, after the commencement of this Act, remain perfected under this Act, in accordance with subsection (3).
3. (3) A prior security interest shall remain perfected or effective against a third party and shall be deemed to be perfected under this Act until-
4. (a) the time it would have ceased to be perfected or effective against third parties under any other law; or
5. (b) the expiration of a period of one hundred and fifty calendar days after the effective date of this Act.
6. (4) If a secured creditor satisfies the requirements of this Act for perfection of security interests before the perfection or its effect against third parties would have ceased in accordance with subsection (3), the perfection shall be deemed to be continuous.
7. (5) A prior security interest that is not perfected under this Act within the period specified in subsection (3), shall be deemed to be an unperfected security interest thereafter.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.