Movable Property Security Rights Act, 2017 🇰🇪

Kenya

Part I – PRELIMINARY

1. Short title

2. Interpretation

3. Objects

4. Scope of application

5. Party autonomy and standard of conduct

Part II – CREATION OF A SECURITY RIGHT

6. Creation by execution of a security agreement

7. Obligations that may be secured and assets that may be encumbered

8. Description of collateral

9. Right to proceeds

10. Tangible assets commingled in a mass or product

+4 more sections

Part III – THIRD-PARTY EFFECTIVENESS OF A SECURITY RIGHT

15. Method for achieving third-party effectiveness

16. Proceeds

17. Transfer of a security right

18. Negotiable documents and tangible assets covered by negotiable documents

Part IV – REGISTRATION OF NOTICES RELATING TO SECURITY RIGHTS

19. Establishment of the Office of the Registrar and the Registry

20. Integrity of information in the Registry

21. Removal of information from the Registry and archival

22. Limitation of liability of the Registrar

23. Registry fees

+14 more sections

Part V – PRIORITIES

38. Competing security rights created by the same grantor

39. Competing security rights created by different grantors

40. Irrelevance of knowledge of the existence of a security right

41. Future advances and future collateral

42. Priority of a security right in proceeds

+13 more sections

Part VI – RIGHTS AND OBLIGATIONS OF THE PARTIES AND THIRD-PARTY OBLIGORS

56. Obligation of a person in possession to exercise reasonable care

57. Obligation of a secured creditor to return the collateral to register an amendment or cancellation notice

58. Right to inspect the collateral

59. Protection of the debtor of the receivable

60. Notification of a security right and payment of a receivable

+4 more sections

Part VII – ENFORCEMENT OF A SECURITY RIGHT

65. Post-default rights

66. Methods of exercising post-default rights

67. Relief for non-compliance

68. Secured creditor's right to sue

69. Rights of redemption

+9 more sections

Part VIII – APPLICABLE LAW

79. Law applicable to the mutual rights and obligations

80. Law applicable to a security right in a tangible asset

81. Law applicable to a security right in an intangible asset

82. Law applicable to the enforcement of a security right

83. Law applicable to a security right in proceeds of the collateral

+4 more sections

Part IX – GENERAL PROVISIONS

88. Cabinet Secretary to make regulations for purposes of this Act

89. Transitional application of this Act

90. Inapplicability of this Act to actions commenced before its coming into force

91. Creation of a prior security right

92. Third-party effectiveness of a prior security right

+2 more sections

SCHEDULE

REPUBLIC OF KENYA

Movable Property Security Rights Act, 2017

Act 13 of 2017

Assented to on 10 May 2017
Commenced on 16 May 2017
[This is the version of this document from 16 May 2017.]

Part I – PRELIMINARY

1. Short title

This Act may be cited as the Movable Property Security Rights Act, 2017.

2. Interpretation

In this Act, unless the context otherwise requires—"acquisition security right" means a security right in a tangible asset or intellectual property, which secures the obligation to pay any unpaid portion of the purchase price of the asset or other credit extended to enable the grantor to acquire it to the extent the credit is used for that purpose;"attachment to immovable property" means a tangible asset that, despite the fact that it is physically affixed to immovable property, it is treated as movable property;"Board" means the Board of Directors established under section 5 of the Business Registration Service Act (No. 15 of 2015);"Cabinet Secretary" means the Cabinet Secretary responsi…

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Movable Property Security Rights Act, 2017 🇰🇪

Table of Contents

REPUBLIC OF KENYA

Movable Property Security Rights Act, 2017

Act 13 of 2017

Part I – PRELIMINARY

1. Short title

2. Interpretation

Read the Full Legislation on judy.legal