Regulatory Alerts2024-03-01
Commercial Code Chapter 8 Section 4: Management and Registration of Security Interests in Movable Property
The Republic of Djibouti's Commercial Code establishes a comprehensive legal framework for the creation, registration, and enforcement of security interests in movable property through the Central Bank of Djibouti acting as Registrar General. The legislation defines key terms, mandates electronic registration of collateral agreements, and establishes a strict first-to-file priority system while outlining exceptions for buyers in the ordinary course of business, statutory liens, and rights of retention. It further details procedures for possession, foreclosure, redemption, assignment, and the maintenance of the public register to secure creditor rights and facilitate commercial financing.
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