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El. knyga: Secured Transactions Law Reform in Africa

Marek Dubovec, Louise Gullifer (University of Cambridge, UK)

Formatas: 552 pages
Išleidimo metai: 31-Oct-2019
Leidėjas: Hart Publishing
ISBN-13: 9781509913091

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Formatas: 552 pages
Išleidimo metai: 31-Oct-2019
Leidėjas: Hart Publishing
ISBN-13: 9781509913091

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Over the last few decades, many countries have reformed their secured transactions law. One of the main reasons has been the clear link between reform and the availability of credit, and the drive to improve access to finance, particularly for micro, small and medium-sized enterprises. This book focuses particularly on developing economies in Africa, which have legal frameworks influenced by English, French, Belgian, Roman-Dutch and other laws. Reform in this area of law across African countries has taken a number of forms, which are explored and discussed in this book.

Secured Transactions Law Reform in Africa is a mixture of a critical description of the pre-reform law and practice, and the reform process itself. It also includes a comparative analysis of the legal provisions and an examination of the early results of the reforms. The book sets out a road map for the future of secured transactions reform; primarily in Africa, but also in other countries that have undertaken or are contemplating similar reforms.
This book is the second in a series of books about Secured Transactions Law in countries around the world, and its reform, both on a national and an international scale. The first book, Secured Transactions Law Reform: Principles, Policies and Practice, was published in 2016.

Daugiau informacijos

Written under the auspices of the Secured Transactions Law Reform Project, this monograph is the first of its kind to focus entirely on developing and transitional economies in Africa and it will form an invaluable point of reference for academics and practitioners alike.

Preface

List of Abbreviations

xix

Table of Cases

xxiii

Table of Legislation

xxix

Table of International Instruments

lxv

PART I INTRODUCTION

1 Introduction

(32)

A General Introduction

(5)

B Reform of Secured Transactions Law

(7)

1 What is Secured Transactions Law?

(1)

2 Why Reform Secured Transactions Law?

(2)

3 Who is Secured Transaction Law Reform For?

(1)

4 Who Does Secured Transaction Law Reform?

(1)

5 The History of International Instruments and Models

(2)

6 Legal Transplant Theory

(2)

C The Status and Background of Secured Transactions Law Reform in Africa

(6)

1 Secured Transactions Law Reform in Africa

(1)

2 African Legal Systems

(1)

3 African Economies

(1)

4 Types of Financing in Africa

(1)

a Micro finance

(1)

b Financing of Warehouse Receipts

(1)

c Leasing

(1)

d Supply Chain Finance

(1)

D Terminology

(1)

E Legal Issues

(11)

1 Common Law Concepts

(1)

a Bills of Sale Acts and Companies Act

(1)

b Fixed and Floating Charges

(3)

c Registration Regime

(1)

2 Civil Law Concepts

(3)

3 Concepts in Mixed Jurisdictions

(1)

4 Common Barriers to Accessing Secured Credit

(1)

a Anti-Assignment Clauses

(1)

b Taking Security Over After-Acquired Assets

(1)

F The Shape of the Book

(2)

2 A Modern Secured Transactions Law

(30)

A Introduction

(5)

1 Basic Principles of Any Modern Commercial Law

(1)

2 Modern Principles of Secured Transactions Law

(1)

a Scope of the Law

(1)

b Creation, Third-Party Effectiveness and Priority

(1)

i Creation

(1)

ii Third-Party Effectiveness

(1)

iii Priority

(1)

c Enforcement

(1)

d Other Matters

(1)

B Scope of Secured Transactions Law

(6)

1 Parties

(1)

2 Functional Approach: Types of Secured Transactions

(1)

a Single Concept of Security Right

(1)

b Retention of Title Devices

(2)

c Other Interests that can be Included

(1)

3 Assets

(1)

4 Secured Obligations

(1)

C Creation

(3)

1 The Security Agreement

(1)

2 Rights in the Asset

(1)

3 Scope of the Security Right

(1)

4 Trade Receivables

(1)

D Third-Party Effectiveness

(1)

E Registration

(4)

1 Notice Filing

(2)

2 Grantor-Based System

(1)

3 Searches

(1)

F Priority

(3)

1 The Basic Rule

(1)

2 Acquisition Security Rights

(1)

3 Taking Free Rules

(1)

4 Competing Claimants with Non-Consensual Interests and Other Preferential Claimants

(1)

G Rights and Duties of Parties

(1)

H Enforcement

(2)

1 Court Enforcement

(1)

2 Extra-Judicial Enforcement

(1)

3 Surplus and Deficiency

(1)

I Conflict of Laws

(1)

J Transitional Provisions

(2)

K Conclusion

(3)

PART II COMMON LAW

3 Ghana

(26)

A Ghana's Economy

(3)

B Pre-B&L Act Legal Framework

(5)

1 Customary Pledge

(1)

2 The 1952 Chattels Transfer Ordinance

(1)

3 The 1960 Contracts Act

(1)

4 The 1962 Sale of Goods Act

(1)

5 The 1962 Incorporated Private Partnerships Act

(1)

6 The 1963 Companies Act

(1)

7 The 1974 Hire-Purchase Decree

(1)

8 The 1993 Finance Lease Act

(1)

C The Borrowers and Lenders Act

(16)

1 Scope

(2)

2 Creation

(1)

3 Third-Party Effectiveness

(4)

4 The Collateral Registry and Regulations

(3)

a Searchability and Indexing

(1)

b Performance of the Collateral Registry

(1)

5 Priority

(1)

6 Enforcement

(2)

7 Conflict of Laws and Transition

(1)

D Final Remarks

(1)

4 Kenya

(28)

A Economic Overview

(3)

B Pre-Existing Legal Framework and Registries

(8)

1 Chattels Transfer Act

(1)

2 Hire Purchase Act

(2)

3 Retention/Transfer of Ownership

(1)

4 Companies Act

100

(3)

C Movable Property Security Rights Act

103

(14)

1 The Scope and the Functional Approach

104

(1)

2 Creation

105

(2)

3 Third-Party Effectiveness

107

(1)

4 Registration

107

(3)

5 Priority

110

(2)

6 Rights and Obligations of the Parties and Third-Party Obligors

112

(1)

7 Enforcement

113

(1)

8 Applicable Law

114

(1)

9 General Provisions

114

(3)

D Final Remarks

117

(2)

5 Liberia

119

(14)

A Economic Overview

119

(2)

B The Commercial Code

121

(1)

C
Chapter 5 of the Commercial Code

122

(9)

1 Scope

122

(2)

2 Creation and Attachment

124

(1)

3 Perfection

124

(1)

4 Priorities

125

(1)

5 Registry

126

(1)

a Development of the Registry

126

(1)

b The Registration Provisions

127

(1)

c Payment of Fees

128

(1)

6 Post-Implementation Issues

129

(1)

7 Enforcement

130

(1)

D Insolvency Reform

131

(1)

E Final Remarks

132

(1)

6 Malawi

133

(6)

A Introduction

133

(1)

B Warehouse Receipts Act of 2018

134

(3)

C Malawi's Commodity Exchanges

137

(1)

D Final Remarks

138

(1)

7 Nigeria

139

(26)

A Economic Overview

140

(1)

B Pre-Reform Secured Transactions Framework

141

(6)

1 Bill of Sale

142

(1)

2 Pledge

143

(1)

3 Lien

144

(1)

4 Charge

145

(1)

5 Other Security and Quasi-Security Devices

146

(1)

C Recent Reforms

147

(4)

1 Leasing

148

(1)

2 Central Bank of Nigeria Registration of Security Interests in Movables Regulations

149

(2)

3 Secured Transactions in Movable Assets Act of 2017

151

(1)

D Secured Transactions Law - The Reform

151

(11)

1 Scope

151

(4)

2 Creation and Perfection

155

(1)

3 Registration

156

(2)

4 Priority

158

(1)

5 Rights and Duties of the Parties

159

(1)

6 Enforcement of Security Interests

160

(1)

7 Conflict of Laws

161

(1)

8 Miscellaneous

162

(1)

E Final Remarks

162

(3)

8 Zambia

165

(26)

A Introduction

165

(2)

B Background to the MPSIA

167

(2)

C Pre-MPSIA Framework

169

(4)

1 The Companies Act

169

(1)

2 Agricultural Credits Act

170

(1)

3 Trades Charges Act

171

(1)

4 Hire-Purchase Act

172

(1)

5 Other Relevant Legislation

173

(1)

D Structure of the MPSIA

173

(15)

1 Preliminary Provisions

174

(2)

2 Collateral Registry Office and Collateral Registry

176

(2)

3 Registry Regulations

178

(2)

4 Creation

180

(1)

5 Perfection

181

(1)

6 Priority

182

(3)

7 Enforcement

185

(2)

8 General Provisions and Offences

187

(1)

E Implementation Challenges

188

(1)

F Final Remarks

189

(2)

9 Sierra Leone

191

(22)

A Economic and Financing Overview

191

(1)

B Legal Framework Affecting Secured Transactions

192

(3)

1 The Companies Act

192

(2)

2 The Registration of Business Act of 2007

194

(1)

3 Leasing Guidelines

194

(1)

4 Road Traffic Act of 2007

195

(1)

C Borrowers and Lenders Act of 2014

195

(10)

1 Approach and models

195

(1)

2 Issues

196

(2)

3 Creation and Perfection

198

(2)

4 Priority Rules

200

(1)

5 Enforcement

201

(2)

6 Transition

203

(2)

7 Regulations

205

(1)

D The 2019 Borrowers and Lenders Act

205

(3)

E Final Remarks and Future Steps

208

(5)

PART III CIVIL LAW

10 OHADA Uniform Act on Securities

213

(26)

A Introduction

213

(2)

B Scope: Types of Security Rights

215

(10)

1 Right of Retention

216

(1)

2 Reservation of Ownership

217

(1)

3 Security Transfer of Receivable

218

(1)

4 The Fiduciary Transfer of Funds

219

(1)

5 Pledge of Tangible Assets

220

(1)

6 Pledge of Intangible Assets

220

(1)

a Pledge of Bank Accounts

221

(1)

b Pledge of Partnership Rights, Securities and Financial Instruments

221

(2)

c Pledge of Intellectual Property Rights

223

(1)

d Pledge of the Enterprise and Lien of the Seller of an Enterprise

223

(1)

7 Liens

224

(1)

C Third-Party Effectiveness

225

(2)

D Registration of Security Rights in the Register of Commerce and Securities

227

(4)

1 General Overview

227

(1)

2 Requirements for the Initial Registration

228

(2)

3 Amendments, Discharges and Searches

230

(1)

E Priority

231

(1)

F Rights and Obligations of the Parties

232

(1)

G Enforcement of Security Rights

233

(3)

H Conflict of Laws and Transition Provisions

236

(1)

I Final Remarks

237

(2)

11 Burundi

239

(23)

A Economic Overview

239

(2)

B Pre-Reform Legal Framework

241

(4)

1 Introduction

241

(1)

2 Pre-Reform Requirements for Creation and Effectiveness against Third Parties of Non-Possessory Pledges

242

(1)

3 Pre-Reform Priority of Non-Possessory Pledges

243

(1)

4 Pre-Reform (and Post-Reform) Rules on Enforcement of possessory and Non-Possessory Pledges

243

(2)

C The 2016 Law on Security Rights and the 2016 Leasing Law

245

(15)

1 Creation

246

(2)

2 Third-Party Effectiveness

248

(1)

a Registration

248

(2)

b Dispossession

250

(1)

c Attachment of a Sign

250

(1)

d Other Methods of Making a Pledge Effective against Third Parties

250

(1)

e Third-Party Effectiveness for Retention of Ownership Sales

251

(1)

f Third-Party Effectiveness of Finance Leases

251

(1)

3 Rights and Obligations of the Parties

252

(1)

4 Priority rules

253

(3)

5 Enforcement

256

(1)

a Enforcement of Pledges

256

(1)

b Enforcement of Retention of Ownership Sales

257

(1)

c Enforcement of Leases

258

(1)

6 Transitional and Conflict of Laws Rules

258

(2)

D Final Remarks

260

(2)

12 Ethiopia

262

(23)

A Economic Overview

262

(2)

B Legal System

264

(2)

C Overview of the Current Secured Transactions Regime

266

(3)

D Current Security Devices

269

(8)

1 Pledge

270

(1)

2 Assignment of Rights

270

(1)

3 Advances on and Pledges of Securities

271

(1)

4 Retention of Title

271

(1)

5 Leasing

272

(1)

6 Mortgage of a Business

273

(2)

7 Pledges of Warehouse Receipts

275

(2)

E Proposed Reform

277

(6)

1 Scope

277

(3)

2 Creation and Third-Party Effectiveness

280

(1)

3 Registry

280

(1)

4 Priority

281

(1)

5 Enforcement

282

(1)

6 Conflict of Laws

282

(1)

7 Transition

283

(1)

F Final Remarks

283

(2)

13 Tunisia

285

(22)

A Introduction

285

(1)

B Economic Overview

286

(2)

C Secured Transactions Framework -- An Overview and Common Transactions

288

(4)

1 Multiplicity and Overlap of Laws

289

(1)

2 Registration Systems

290

(1)

a Registrations

290

(1)

3 Popular Security Devices

290

(2)

D Creation and Third-Party Effectiveness

292

(3)

1 Possessory Pledge

293

(1)

2 Pledges over Intangible Assets

293

(1)

3 Enterprise and Equipment Pledges

294

(1)

4 Finance Lease

295

(1)

E Priorities

295

(3)

1 A Legitimate Cause of Preference

296

(1)

2 Priority of Competing Possessory Pledges

297

(1)

3 Time of Registration

297

(1)

4 Time of Agreement

298

(1)

5 Priority of Lessors

298

(1)

F Enforcement of Security Rights

298

(4)

1 Enforcement of Possessory Pledges

299

(1)

2 Provisional Judicial Remedies

300

(1)

3 Disposal of the Pledged Asset

301

(1)

4 Lessors' Remedies

302

(1)

G Conclusion

302

(5)

PART IV MIXED JURISDICTIONS

14 Rwanda

307

(21)

A Country and Economic Overview

307

(2)

B Secured Transactions Legal Framework

309

(3)

C Law on Security Interests in Movable Property

312

(14)

1 Scope

312

(1)

2 Creation

313

(2)

3 Third-Party Effectiveness

315

(2)

4 Priority

317

(4)

5 Enforcement of Security Interests

321

(2)

6 Register of Security Interests in Movable Property

323

(3)

D Final Remarks

326

(2)

15 South Africa

328

(25)

A Introduction

328

(2)

B Background of the Legal Framework

330

(2)

C Security Rights in Movable Assets

332

(18)

1 Reservation of Tide Devices

334

(1)

2 Pledge

335

(1)

a Nature of the Pledge

335

(1)

b Creation

335

(2)

c Extinguishment and Enforcement

337

(1)

3 Cession

338

(1)

a The Nature of Security Cession

338

(1)

b Creation of Security Cession

339

(1)

c Agreements Prohibiting Cession

340

(2)

d Cession of Future Rights

342

(1)

e Enforcement

342

(1)

4 General Notarial Bond

343

(1)

a Scope of General Notarial Bonds

343

(1)

b Creation and Registration

344

(1)

c The Nature of a General Notarial Bond

344

(1)

d Post-Default Rights

345

(2)

5 Special Notarial Bond

347

(3)

D Final Remarks

350

(3)

16 Zimbabwe

353

(24)

A Introduction

353

(3)

B Pre-2017 Secured Transactions Framework

356

(6)

1 Pre-MPSI Security Devices

357

(2)

2 Creation and Registration Requirements

359

(3)

C The Movable Property Security Interests Act

362

(10)

1 The Main Body of the Act

363

(4)

2 The First Schedule

367

(2)

3 The Second Schedule

369

(1)

a Part II -- Special Creation Provisions

369

(1)

b Part III -- Priorities

369

(1)

c Part IV -- Rights and Obligations of Parties and Third-Party Obligors

370

(1)

d Part V -- Enforcement of Security Interests

371

(1)

e Part VI -- Applicable Law

372

(1)

D Final Remarks

372

(5)

PART V FINAL CHAPTERS

17 A Modern International Approach to Equipment Financing in Africa: The Cape Town Convention and its Protocols

377

(18)

A Introduction

377

(2)

B The Cape Town Convention Model: The Basic Legal Framework

379

(4)

1 The `Functional Approach'

379

(1)

2 The Role of the International Registries

380

(1)

3 Enforcement Measures

380

(1)

4 Declarations under the Convention and Protocols

381

(2)

C Facilitating Financing in the Aviation Sector: The Aircraft Protocol in Africa

383

(1)

D Facilitating Development of the Rail Sector: The Luxembourg Rail Protocol and Africa

384

(1)

E The Future Mining, Agriculture and Construction Protocol

385

(9)

1 Basic Rules of the MAC Protocol

386

(1)

2 Specialised Rules of the MAC Protocol

387

(1)

a Application of the Protocol to MAC Equipment

388

(1)

b Immovable-Associated Equipment

389

(1)

c Treatment of Inventory

390

(1)

3 The Relationship between the MAC Protocol and Domestic Law

390

(2)

4 The Importance of the MAC Protocol in Africa

392

(1)

a The MAC Protocol as a Tool for Increasing International Private-Sector Investment in Africa

392

(1)

b The Mining, Agriculture and Construction Sectors in Africa

392

(1)

c Uniformity in the Legal Framework for the Financing of MAC Equipment across Africa

393

(1)

F Final Remarks

394

(1)

18 The Infrastructure Underpinning a Modern Secured Transactions Law

395

(18)

A Introduction

395

(2)

B The Benefits of a Reformed Secured Transactions Regime

397

(1)

C Components of a Modern Secured Transactions Regime

398

(10)

1 Legal Framework

398

(1)

a Incentivising Registration

399

(1)

b Incentivising Searching

400

(1)

c The Role of Legal Infrastructure

401

(1)

2 The Registry

402

(1)

a Variations in Approach to the Registration System in Africa

402

(1)

b Challenges in Establishing Registries in Africa

403

(1)

3 Key Elements that Support an Effective Registry

404

(1)

a User-Centricity

404

(1)

b Operating Model

405

(1)

c Administrative Processes

405

(1)

d Access and Availability

406

(1)

e Data Integrity

406

(1)

i Cyberattacks and Privacy

406

(1)

ii Incorrect Data Being Placed on the Registry Due to Human Error

407

(1)

iii The Unauthorised Placing of Incorrect or Inappropriate Data on the Registry

407

(1)

iv Mowing Duplicate, Out-of-Date or Redundant Data to Remain on the Registry

408

(1)

v Incorrect Information Entered Due to Misunderstanding

408

(1)

D Credit Infrastructure Elements that Support Affordable Credit

408

(3)

1 Prudential Regulation

409

(1)

2 Lending Practices

409

(1)

3 Secondary Markets for Collateral

410

(1)

4 Market Opportunity Assessment

410

(1)

E Conclusion

411

(2)

Conclusion

413

(44)

A Introduction

413

(1)

B Drivers for Reform

413

(12)

1 General Reasons

413

(1)

a The Desire for Economic Growth

413

(2)

b Appearance to Global Markets

415

(2)

c Infrastructure Improvements

417

(1)

d Legal Structure for Specialist Financial Activity

418

(1)

i Credit Infrastructure

419

(1)

ii Warehouse Receipts and Commodity Trading

419

(1)

iii Securities Held through Intermediaries

420

(1)

iv Leasing

421

(1)

2 The State of the Unreformed Law

422

(1)

a Complexity and Fragmentation

422

(1)

i Parties

422

(1)

ii Types of Devices

423

(1)

b Lack of Functionality

423

(1)

i Limits in what can be used as Collateral

423

(1)

ii No Extrajudicial Enforcement

424

(1)

iii Excessive Formalities for Creation

424

(1)

iv Lack of Publicity

424

(1)

C The Method of Reform

425

(18)

1 Use of Models

425

(1)

a Mixture of Models

425

(1)

b Deviations

425

(2)

c Structure

427

(1)

d Simplified Approach

428

(1)

2 The Timing of the Reform Process

428

(1)

a Interrelationship between the Legislation and the Registry

429

(1)

b Coordination within Reform Process

430

(1)

c Hasty Drafting

431

(1)

3 Engaging Local Stakeholders

432

(1)

a Local Legislative and Drafting Practice

433

(1)

b Local Legal Culture and Practices

433

(1)

c Local Conditions

434

(1)

4 Capacity Building

434

(2)

5 Interaction with Regulatory Bodies

436

(1)

6 Interrelationship with Other Areas of Law

437

(1)

a Techniques: Express and Implied Repeal, Amendment

437

(2)

b Interaction with Other Statutes and Common Law

439

(1)

i Companies Act Registration Regime

439

(1)

ii The Floating Charge and Insolvency

440

(1)

iii Protective Provisions for Certain Parties

441

(1)

iv Leasing Law

442

(1)

7 Statistical Information for Assessment

442

(1)

D The Substance of Reform

443

(12)

1 The Scope of the Regime

443

(1)

a The Functional Approach

444

(2)

b Treatment of Non-Consensual Interests

446

(1)

2 Content of Security Agreement

446

(1)

a Secured Obligation

446

(1)

b Anti-Assignment Clauses

447

(1)

3 Special Rules for Consumers

447

(1)

4 Methods of Achieving Third Party Effectiveness

448

(1)

a Registration as Sole Method

449

(1)

5 The Registration Regime

450

(1)

a Manner of Registration (Notice/Document Filing)

450

(1)

b Administrative Role of the Registry

451

(1)

c Identifiers and Search Criteria

451

(1)

6 Enforcement

452

(1)

a Extrajudicial Enforcement

452

(1)

b Alternative Forms of Enforcement

453

(1)

c Expeditious Judicial Enforcement

454

(1)

E Conclusion

455

(2)

Index

457

Marek Dubovec is the Executive Director of the Kozolchyk National Law Center (NatLaw), Tucson, Arizona. Louise Gullifer is Rouse Ball Professor of English Law at the University of Cambridge.

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