Bill on the Secured Transactions (Amendment) Act, 2023 (dated 10/11/2023) – Ministry of Finance, Economic Stabilization and National Policies
View Pdf– Bill on the Secured Transactions (Amendment) Act, 2023 (dated 10/11/2023) – Ministry of Finance, Economic Stabilization and National Policies.
The Ministry of Finance, Economic Stabilization, and National Policies introduced a bill proposing a new Act replacing the existing Secured Transactions Act, No.49 Of 2009. The proposed Act establishes an institutional framework for regulating secured transactions in movable property, including the creation of a secured transactions registration authority. The bill outlines the authority’s powers, duties, and functions, determines priorities among competing creditors, and defines the rights and duties of parties to security agreements. Additionally, it establishes procedures for maintaining a register of security rights in movable property. Please refer the bill for more details.
