Movable Property Security Rights, 2017 (No. 13 of 2017).

This Act provides with respect to financial arrangement involving interests in movable property. The objects of this Act are to— promote consistency and certainty in secured financing relating to movable assets; enhance the ability of individuals and entities to access credit using movable assets; and to establish the office of the Registrar and a Registry to facilitate the registration of security rights in movable assets. A security right is created by a security agreement and may regard tangible assets including crop or livestock. A security agreement may provide for the creation of a security right in a future asset, but the security right in at asset is created only at the time when the grantor acquires rights in it or the power to encumber it. A security agreement shall be in writing and the assets encumbered or to be encumbered (collateral) shall be described in the security agreement in a manner that reasonably allows their identification. A security right made effective against third parties in an attachment to immovable property under this Act has priority over a competing interest created and made effective against third parties under immovable property law.