Regulatory Alerts2023-04-27
Added · Updated
Movable Property Security Right Proclamation No. 1147/2019
Proclamation No. 1147/2019 establishes a legal framework for creating security rights in movable property, defining terms such as collateral, grantor, and secured creditor, and specifying that such rights are created by written security agreements. It mandates the establishment of a Collateral Registry Office and an electronic Collateral Registry to receive, store, and make public information about security rights and non-consensual rights in movable property. The Proclamation outlines methods for achieving effectiveness against third parties, including registration in the Collateral Registry, possession of the asset, or control over deposit accounts and electronic securities, and sets specific rules for proceeds, commingled assets, and transfers.
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