Introduction
This Act repealed, among others, the Chattels Transfer Act (Chapter 28 of the Laws of Kenya) which was the Act used to create chattels mortgages in Kenya i.e. securities for lending using movable property as collateral. It applies to security rights created in movable assets, through a variety of transactions, including a chattel mortgage, credit purchase transaction, credit sale agreement, floating and fixed charge, pledge, trust indenture, trust receipt, financial lease and any other transaction that secures payment or performance of an obligation as well as the outright transfer of a receivable. However, liens and charges created under other laws are expressly excluded. Continue reading “Overview of the Movable Property Security Rights Act, 2017”