Regulatory Alerts2016-01-01
Circular No. 167/2016: Decision-Law No. 11 of 2016 on Securing Rights in Movable Property
The Palestine Monetary Authority issued Circular No. 167/2016 to mandate compliance with Decision-Law No. 11 of 2016, which establishes a comprehensive legal framework for creating, perfecting, and enforcing security rights over movable property in Palestine. The regulation defines key terms, outlines the creation of security agreements, and specifies that perfection against third parties is achieved through registration, possession, or automatic attachment for consumer goods. It further establishes priority rules based on registration timing, tracing rights, and special precedence for purchase-money security interests and purchasers acting in the ordinary course of business.
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