SECURED TRANSACTIONS IN MOVABLE ASSETS ACT, 2017 (COLLATERAL REGISTRY ACT)

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LAWS OF THE FEDERATION OF NIGERIA

SECURED TRANSACTIONS IN MOVABLE ASSETS ACT, 2017

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EXPLANATORY MEMORANDUM

This Act provides for secured transaction, regulation of security interests in movable assets.

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SECURED TRANSACTIONS IN MOVABLE ASSETS ACT, 2017

ARRANGEMENT OF SECTIONS 

PART I – OBJECTIVES AND SCOPE

1. Objectives.
2. Scope.

PART II – SECURITY INTERESTS

3. Creation of a security interest.
4. Grantor’s right in the collateral.
5. Content of a security agreement.
6. Description of collateral in a security interest.
7. Continuation of a security interest.
8. Perfection of security interest in proceeds.
9. Establishment of the National collateral registry.
10. Functions of the collateral registry.
11. Procedure or registration of a financing statement.
12. Consent to register a financing statement.
13. Contents of a financing statement.
14. Description of collateral.

16      Error in a financing statement.

17. Consequences of other errors in the registration.
18. Duration of registered financing statement.
19. Amendment of a registered financing statement.
20. Unauthorised transfer of a collateral
21. Cancellation of a registered financing statement.
22. Search of information in the registry.
23. Priority o security interest.
24. Same priority for original collateral, proceeds and advances.
25. Transfer does not affect priority.
26. Voluntary subordination of priority.
27. Priority of purchase money security interest and its proceeds.
28. Priority of security interest in processed or co-mingled goods
29. Priority with respect to receipt of funds or cash.
30. Priority of holders of liens.
31. Priority of holders of negotiable instruments and title document.
32. Rights of a buyer or leases of goods.
33. Rights and priority of assignee.
34. Priority of judgment creditor.

PART VI – RIGHTS AND DUTIES OF A GRANTOR, BORROWER AND CREDITOR

35. Good faith and commercial reasonableness.
36. Entitlement to damages.
37. Creditor to provide confirmation statement to the grantor and the borrower.
38. Provision of certain information by a creditor.

PART VII – REALISATION OF SECURITY INTEREST

39. Scope of the application of this part.
40. Repossession of collateral.

41      Establishment of the mediation and dispute resolution panel.

42. Creditor may render collateral inoperative.
43. Creditor may collect account receivable.
44. Creditor may dispose of a collateral.
45. Notice of sale of collateral.
46. Discharge of subordinate security interests.
47. Creditor to give statement of account.
48. Distribution of proceeds of sale.
49. Right to redeem the collateral.

50      Reinstatement  of security agreement.

PART VIII – APPLIABLE LAW AND CONFLICT OF LAW

51. Applicable law.
52. Law governing the security agreement.
53. Insolvency proceeding.
54. Non applicability of Stamp Duties Act.
55. General.
56. Jurisdiction.

PART IX – MISCELLANEOUS

57. Fees and charges.
58. Offences and penalties.
59. Criminal jurisdiction.
60. Grievance procedure.
61. Rules and guidelines.
62. Transitional provisions.
63. Interpretation.
64. Short title.

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SECURED TRANSACTIONS IN MOVABLE ASSETS ACT, 2017

An Act to provide for secured transactions, registration and regulation of security interests in movable assets; and for related matters.

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Commencement. [30^TH MAY 2017]           

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ENACTED by the National Assembly of the Federal Republic of Nigeria.

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)