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SECURITY INTEREST IN MOVABLE PROPERTY ACT
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SECURITY INTEREST IN MOVABLE PROPERTY (ELECTRONIC ACCESS TO THE REGISTER) REGULATIONS – SECTION 118
2023 Laws not yet authenticated through a Commencement Order
Revised Laws of Saint Lucia (2023)
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SECURITY INTEREST IN MOVABLE PROPERTY (ELECTRONIC ACCESS TO THE REGISTER) REGULATIONS – SECTION 118
Commencement [29 November 2023]
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SECURITY INTEREST IN MOVABLE PROPERTY (ELECTRONIC ACCESS TO THE REGISTER) REGULATIONS – SECTION 118
1. Short title and commencement
2. Interpretation
3. Application and non-application of this Act
4. Conflict of laws
5. Security interest
6. Creation of a security interest
7. Obligations that may be secured
8. Movable property that may be encumbered
9. Requirements for security agreement
10. Description of encumbered property in security agreement
11. Security interest in identifiable proceeds
12. Security interest in goods commingled in a mass or product
13. Security interest in trade receivables
14. Security interest in receivables, other intangible property or a negotiable instrument
15. Security interest in funds credited to a deposit account
16. Security interest in goods covered by a document of title
17. Security interest in goods used in intellectual property
18. Exemption of stamp duty on a security agreement
19. Third-party effectiveness of a security interest in encumbered property
20. Third-party effectiveness of a security interest in tangible property by possession
21. Third-party effectiveness of a security interest in proceeds
22. Third-party effectiveness of a security interest in a mass or product to which the security interest extends
23. Making a security interest effective against a third party by different methods
24. Lapse and re-establishment of third-party effectiveness
25. Third-party effectiveness on a change of the applicable law
26. Third-party effectiveness of an acquisition security interest in consumer goods
27. Third-party effectiveness of a security interest in funds credited to a deposit account
28. Third party effectiveness of a security interest in goods covered by a document of title
29. Registration of an initial notice
30. Registration of an amendment notice
31. Registration of a cancellation notice
32. Registration of an amendment notice to change the name of the secured creditor
33. Authorization by the grantor
34. Registered notice dealing with one or multiple security agreements
35. Registration of an initial notice before creation of a security interest
36. Description of encumbered property in an initial notice or amendment notice
37. Identifier of grantor
38. Identifier of secured creditor
39. Period of effectiveness and extension of period of effectiveness
40. Mandatory registration of an amendment notice or a cancellation notice
41. Errors in required information
42. Post-registration change of identifier of grantor
43. Post-registration transfer of an encumbered property
44. Establishment of a Register of Security Interests in Movable Property
45. Functions of the Registrar of the High Court
46. Powers of the Registrar of the High Court
47. Delegation of functions and powers
48. Maintenance of the Register
49. Public inspection and search of the Register
50. Integrity of information
51. Removal of information from the Register and archive information
52. Priority amongst competing security interests created by the same grantor
53. Priority amongst competing security interests created by different grantors
54. Priority not affected by a change by which a security interest is effective against a third-party
55. Priority when one or both security interests is in proceeds
56. Priority of security interests in tangible property commingled in a mass or transformed in a product
57. Priority of rights of a buyer or other transferee, lessee or licensee of encumbered property
58. Rights of a judgement creditor
59. Priority of an acquisition security interest
60. Priority amongst competing acquisition security interests
61. Acquisition security interests and the rights of a judgement creditor
62. Security interests in proceeds of movable property subject to an acquisition security interest
63. Acquisition security interest extending to a mass or product
64. Subordination
65. Priority with respect to future advances and future encumbered assets
66. Knowledge of existence of a security interest
67. Priority of a security interest in a negotiable instrument
68. Priority of a security interest in funds credited to a deposit account
69. Possession of money subject to a security interest
70. Priority of a security interest in tangible property covered by a document of title
71. Priority of a security interest in non-intermediated securities
72. Obligations of grantor and secured creditor
73. Grantor and secured creditor in possession to exercise reasonable care
74. Termination of security interest
75. Inspection of encumbered property
76. Secured creditor to provide information on request
77. Representations of grantor of security interest in receivables
78. Notification of security interest to debtor of receivables
79. Right of secured creditor to payment made with respect to receivables
80. Debtor not affected by creation of a security interest in receivables
81. Effectiveness of notification of security interest in receivables
82. Discharge of a debtor of receivables
83. Defences and rights of set-off of a debtor of receivables
84. Agreement not to raise defences or rights of set-off
85. Modification of agreement giving rise to receivables
86. No recovery from secured creditor
87. Security interest in a negotiable instrument
88. Rights as against a financial institution
89. Rights as against an issuer of a document of title
90. Rights exercisable after default
91. Exercise of rights after default
92. Relief for non-compliance
93. Termination of enforcement and redemption of encumbered property
94. Secured creditor with priority to take over enforcement
95. Right of secured creditor to possession of encumbered property after default
96. Disposal of encumbered property
97. Distribution of proceeds of encumbered property
98. Proposal to acquire encumbered property in satisfaction of a secured obligation
99. Rights acquired on disposition of encumbered property
100. Collection of payment by secured creditor
101. Collection of receivables by transferee of receivables
102. Priority and enforcement as against securities
103. Interpretation of this Part
104. Choice of law by grantor and secured creditor
105. Law applicable to a security interest in tangible property
106. Law applicable to a security interest in intangible property
107. Law applicable to a security interest in receivable relating to immovable property
108. Law applicable to enforcement of a security interest
109. Law applicable to security interest in proceeds
110. Application of laws of Saint Lucia on grounds of public policy
111. Effect of commencement of insolvency proceedings
112. Law applicable to debtor, obligor, issuer and secured creditor
113. Law applicable to a security interest in funds credited to a deposit account
114. Law applicable to third-party effectiveness of a security interest in certain types of movable property by registration
115. Law applicable to a security interest in intellectual property rights
116. Law applicable to a security interest in non-intermediated securities
117. Duty to act in good faith
118. Regulations
119. Repeal
120. Savings
121. Transitional
Movable Property (Electronic Access to the Register) Regulations – Section 118
SECURITY INTEREST IN MOVABLE PROPERTY (ELECTRONIC ACCESS TO THE REGISTER) REGULATIONS – SECTION 118
ACT
PRELIMINARY
1. Short title and commencement
2. Interpretation
3. Application and non-application of this Act
4. Conflict of laws
PART I CREATION OF A SECURITY INTEREST
5. Security interest
6. Creation of a security interest
7. Obligations that may be secured
8. Movable property that may be encumbered
9. Requirements for security agreement
10. Description of encumbered property in security agreement
11. Security interest in identifiable proceeds
12. Security interest in goods commingled in a mass or product
13. Security interest in trade receivables
14. Security interest in receivables, other intangible property or a negotiable instrument
15. Security interest in funds credited to a deposit account
16. Security interest in goods covered by a document of title
17. Security interest in goods used in intellectual property
18. Exemption of stamp duty on a security agreement
PART II THIRD-PARTY EFFECTIVENESS OF A SECURITY INTEREST
19. Third-party effectiveness of a security interest in encumbered property
20. Third-party effectiveness of a security interest in tangible property by possession
21. Third-party effectiveness of a security interest in proceeds
22. Third-party effectiveness of a security interest in a mass or product to which the security interest extends
23. Making a security interest effective against a third party by different methods
24. Lapse and re-establishment of third-party effectiveness
25. Third-party effectiveness on a change of the applicable law
26. Third-party effectiveness of an acquisition security interest in consumer goods
27. Third-party effectiveness of a security interest in funds credited to a deposit account
28. Third party effectiveness of a security interest in goods covered by a document of title
PART III REGISTRATION OF A SECURITY INTEREST IN MOVABLE PROPERTY
DIVISION 1 Registration
29. Registration of an initial notice
30. Registration of an amendment notice
31. Registration of a cancellation notice
32. Registration of an amendment notice to change the name of the secured creditor
33. Authorization by the grantor
34. Registered notice dealing with one or multiple security agreements
35. Registration of an initial notice before creation of a security interest
36. Description of encumbered property in an initial notice or amendment notice
37. Identifier of grantor
38. Identifier of secured creditor
39. Period of effectiveness and extension of period of effectiveness
40. Mandatory registration of an amendment notice or a cancellation notice
41. Errors in required information
42. Post-registration change of identifier of grantor
43. Post-registration transfer of an encumbered property
DIVISION 2 Establishment of a Register of Security Interests in Movable Property
44. Establishment of a Register of Security Interests in Movable Property
45. Functions of the Registrar of the High Court
46. Powers of the Registrar of the High Court
47. Delegation of functions and powers
48. Maintenance of the Register
49. Public inspection and search of the Register
50. Integrity of information
51. Removal of information from the Register and archive information
PART IV PRIORITY OF A SECURITY INTEREST AS AGAINST COMPETING CLAIMANTS
52. Priority amongst competing security interests created by the same grantor
53. Priority amongst competing security interests created by different grantors
54. Priority not affected by a change by which a security interest is effective against a third-party
55. Priority when one or both security interests is in proceeds
56. Priority of security interests in tangible property commingled in a mass or transformed in a product
57. Priority of rights of a buyer or other transferee, lessee or licensee of encumbered property
58. Rights of a judgement creditor
59. Priority of an acquisition security interest
60. Priority amongst competing acquisition security interests
61. Acquisition security interests and the rights of a judgement creditor
62. Security interests in proceeds of movable property subject to an acquisition security interest
63. Acquisition security interest extending to a mass or product
64. Subordination
65. Priority with respect to future advances and future encumbered assets
66. Knowledge of existence of a security interest
67. Priority of a security interest in a negotiable instrument
68. Priority of a security interest in funds credited to a deposit account
69. Possession of money subject to a security interest
70. Priority of a security interest in tangible property covered by a document of title
71. Priority of a security interest in non-intermediated securities
PART V RIGHTS AND OBLIGATIONS OF THE GRANTOR, SECURED CREDITOR AND A THIRD-PARTY
72. Obligations of grantor and secured creditor
73. Grantor and secured creditor in possession to exercise reasonable care
74. Termination of security interest
75. Inspection of encumbered property
76. Secured creditor to provide information on request
77. Representations of grantor of security interest in receivables
78. Notification of security interest to debtor of receivables
79. Right of secured creditor to payment made with respect to receivables
80. Debtor not affected by creation of a security interest in receivables
81. Effectiveness of notification of security interest in receivables
82. Discharge of a debtor of receivables
83. Defences and rights of set-off of a debtor of receivables
84. Agreement not to raise defences or rights of set-off
85. Modification of agreement giving rise to receivables
86. No recovery from secured creditor
87. Security interest in a negotiable instrument
88. Rights as against a financial institution
89. Rights as against an issuer of a document of title
PART VI ENFORCEMENT OF A SECURITY INTEREST
90. Rights exercisable after default
91. Exercise of rights after default
92. Relief for non-compliance
93. Termination of enforcement and redemption of encumbered property
94. Secured creditor with priority to take over enforcement
95. Right of secured creditor to possession of encumbered property after default
96. Disposal of encumbered property
97. Distribution of proceeds of encumbered property
98. Proposal to acquire encumbered property in satisfaction of a secured obligation
99. Rights acquired on disposition of encumbered property
100. Collection of payment by secured creditor
101. Collection of receivables by transferee of receivables
102. Priority and enforcement as against securities
PART VII APPLICABLE LAWS
103. Interpretation of this Part
104. Choice of law by grantor and secured creditor
105. Law applicable to a security interest in tangible property
106. Law applicable to a security interest in intangible property
107. Law applicable to a security interest in receivable relating to immovable property
108. Law applicable to enforcement of a security interest
109. Law applicable to security interest in proceeds
110. Application of laws of Saint Lucia on grounds of public policy
111. Effect of commencement of insolvency proceedings
112. Law applicable to debtor, obligor, issuer and secured creditor
113. Law applicable to a security interest in funds credited to a deposit account
114. Law applicable to third-party effectiveness of a security interest in certain types of movable property by registration
115. Law applicable to a security interest in intellectual property rights
116. Law applicable to a security interest in non-intermediated securities
PART VIII MISCELLANEOUS
117. Duty to act in good faith
118. Regulations
119. Repeal
120. Savings
121. Transitional
SUBSIDIARY LEGISLATION
Movable Property (Electronic Access to the Register) Regulations – Section 118 (Statutory Instrument 147/2023)
PRELIMINARY
1. Citation
SCHEDULE