Regulatory Alerts2016-01-01
Movable Property (Security Interest) Act 2016
Enacted by the Parliament of Zambia, this legislation establishes a comprehensive legal framework for creating, perfecting, and enforcing security interests in movable property to facilitate secured credit and economic development. It mandates the establishment of a Collateral Registry Office and a centralized electronic registry to streamline the registration, amendment, and discharge of financing statements while reducing transaction formalities. The Act defines standardized rules for determining priority among competing security interests, governs the enforcement and disposal of collateral upon default, and applies to both tangible and intangible assets located in Zambia.
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