Analysis of the Repealed Chattels Transfer Act and the Moveable Property Security Rights Act

INTRODUCTION

The Movable Property Security Rights Act was passed in 2017. This Act was long overdue as the repealed Chattels Transfer Act had been overtaken by times. It had fallen victim to the doctrine of lag[1]. The doctrine posits that more often than not the law lags behind society and it must attempt to catch up so as to provide for modern day scenarios that were not envisioned by the previous law.

The functions of the Movable Property Security Rights Act according to the Official Hansard of the Parliament of Kenya were to provide for the use of movable property as collateral for credit facilities, to establish the office of registrar of security rights, to promote consistency and certainty in secured financing relating to movable assets, to enhance the ability of individuals and entities to access credit using movable assets and to establish registry to facilitate registration of notices relating to security rights in movable assets[2]. The same was repeated in the long title of the Act.

Security is an important aspect of the economy. As the Code of Justinian (Corpus Juris Civilis) noted in the early days a security is given for the benefit of both parties: of the borrower so that he can borrow more readily and of the lender so that his loan may be safe[3]

The New Act repealed the Old Act. A thorough analysis of the two laws is worthy of academic discourse.

THE DEFINITIONS

The Movable Property Security Rights Act has introduced new terminologies that were previously not there. A concise analysis follows;

The Movable Property Security Rights Act introduces the term movable assets, which in the repealed Chattels Transfer Act[4] was referred as Chattels. It defined movable assets as intangible or tangible property. Tangible property refers all types of goods and include motor vehicles, crops, machineries[5] whereas intangible assets include receivables, choses in action (a right to sue), deposit accounts, electronic securities and intellectual property rights[6](intellectual property denotes copyright, industrial property rights, trademark and any other related rights).The repealed Act defined chattels as movable property that can be completely transferred by delivery and includes machinery, stock and natural increase of stock. Stock referred to animals rather than securities.

The repealed Act referred to the parties in the transaction as grantor and grantee[7], the Movable Property Security Rights Act refers to parties as grantor and secured creditor[8]. A secured creditor is defined to mean a person that has a security right; and a transferee in an outright transfer of a receivable[9]. Security right is a property right in a movable asset that is
created by an agreement to secure payment or other performance of an obligation, regardless of whether the parties have denominated it as a security right, and regardless of the type of asset, the status of the grantor or secured creditor, or the nature of the secured obligation and the right of the transferee in an outright transfer of a receivable[10].

The term acquisition of security right has been introduced in the new Act to denote a security right in a tangible asset or intellectual property, which secures the obligation to pay any unpaid portion of the purchase price of the asset or other credit extended to enable the grantor to acquire it to the extent the credit is used for[11].

The term collateral has been introduced in the new Act to mean a movable asset that is subject to a security right[12], and a movable asset herein means any tangible or in-tangible asset. Collateral basically ensures against loss in the event the debtor cannot fulfil the obligations under the transaction.

A new term, commingled assets has been introduced to denote goods that are physically united with other goods in such a manner that their identity is lost in a product or mass[13]

Deposit account has been defined to mean an account maintained by an institution licensed under the Banking Act or other written law. The term instrument as referred to in the repealed Act[14] has been replaced with the term security agreement[15]. Inventory has been defined to mean tangible assets held by the grantor for sale or lease in the ordinary course of the grantor's business, including raw and semi-processed materials[16].

REGISTRATION UNDER BOTH LEGAL REGIMES

REGISTRATION UNDER THE REPEALED CHATTELS TRANSFER ACT

The Chattels Transfer Act states that every person shall be deemed to have notice of any instrument once it is registered^[17]. The expiration of registration lapses the notice^[18]. The mode of registration was to file the instrument, schedules and an affidavit in Form 1(Annexure) to the office of the registrar^[19]. An instrument must be registered within 21 days of its execution^[20]. In the event that there is more than one grantor the date of execution is the date of the last grantors execution.

The Registrar shall keep a register where he/she shall record all instruments registered by each grantor^[21]. It states that where an instrument has been registered the registrar shall transmit an abstract copy to the Provincial Commissioner. It is noteworthy that this office no longer exists as such the Act was not in tandem with the times. All this abstracts were to be kept at the Provincial Commissioner’s office where any person may make a search, inspect and make extracts^[22].

The jurisdiction to extend the time for registration and rectify mistakes in the register lay in the High Court where it had to be satisfied that the error occurred due to an accident or inadvertence^[23].   The period for registration of an instrument shall be five years after which it should be renewed^[24]. In the case of John Patrick Macharia vs M.D.C Holding Ltd. & 2 Others[25] the judges reiterated that a Chattels Mortgages had a life of five (5) years, and at expiration of which it had lost its validity and was deemed to be fraudulent and void. It is renewed by filing in the office of the registrar an affidavit in form 3 (annexed). The failure to renew renders the registration ineffectual^[26].

The register book may be viewed, searched and inspected at the office of the registrar^[27] Unregistered instruments are deemed to be void as against an official receiver, bankruptcy trustee, assignees of creditors and an order from the court so far as execution is concerned^[28]. No unregistered instrument without express notice shall be valid as against a bonafide purchaser for value without notice or a bonafide seller selling as an auctioneer or ordinary agent in the course of business^[29]. In the case of Geoffrey Njenga v Godffey W. Karuri & Another[30] there was neither a registered instrument nor was there a proper affidavit in form 1, the plaintiff sought that the agreement be rendered as ineffectual the court held that the failure to have a  registered instrument did not affect the rights as between the grantor and grantee. As such the agreement was valid. The Act was clear as to who non registration would affect and who it did not.

The registrar may charge fees for registration as the then minister may have prescribed^[31].

In the case of Kenya Chemical & Allied Workers Union v Packaging Manufacturers[32] there was an unregistered charge over a judgement debtors movables, the judgement debtor’s movables had been attached for execution. The plaintiff rose an objection as to attachment of the movables however the court dismissed it as an unregistered instrument is not valid as against an auctioneer and furthermore an instrument under the repealed act excluded mortgages and charges created by companies or co-operative societies[33]

REGISTRATION UNDER MOVABLE PROPERTY SECURITY RIGHTS ACT

The office of the registrar is established. The functions of this office shall be to receive, store and make accessible to the public information on registered notices with respect to security rights and rights of non-consensual creditors^[34]. A section which is not in the repealed Chattels Act is where it is provided that the registrar may not, on his own motion amend or delete a provision in the register^[35]. A notice may only be removed from the register once the period elapses^[36]. Removed information may be archived for a period of five years^[37]

The registrar may not be held liable done in good faith^[38]. This seems like an off provision as what is good faith? Good faith is Good faith is an abstract and comprehensive term that encompasses a sincere belief or motive without any malice or the desire to defraud others[39].  Similar to the repealed Act the registrar may also prescribe fees^[40]. The newly passed act provides for situation whereby there may be more than one security registered as against a moveable property. For any subsequent or amended notice that either adds collateral not in the security agreement or adds a grantor, it must be authorized by the original grantor^[41] a written security agreement shall constitute authorization for a notice^[42].

The registration of a single notice may relate to security rights created by one or more security agreements between the grantor and the same creditor^[43]. The procedure for registration will be provided for in the regulations which have not yet been gazetted.

An initial notice must contain identity and address of grantor and secured creditor, description of collateral, period of effectiveness and any statistical information. If there is more than one grantor or secured creditor there must be a separate notice for each^[44]. The language in the notice must be in English^[45] this raises obvious difficulties for the non-English speaking Kenyans.

It must be noted that registration is effective from the period in which it is entered into the register^[46]. The maximum period for registration is 10 years^[47]. Any extension granted before expiry shall be for 6 months only^[48]. Immediately after registration the registrar shall provide to the registrant a copy of information contained in the notice. The registrant shall within ten days send the same to the grantor^[49]. Failure to forward to the grantor is an offence^[50].

The registered secured creditor has the right to register an amendment notice or to cancel a notice in the prescribed form^[51]. Any other person must seek the authorization of the secured creditor to register an amendment or cancel the notice^[52]. The secured creditor shall register an amendment or cancellation only if the registered notice to which it relates contains information that exceeds the scope of the grantor's authorization or the security agreement to which the registered notice relates has been revised to delete some collateral^[53].

When the registration of an initial notice was done by the grantor, was authorized by the grantor but there was no concluded security agreement or the security right is extinguished: the grantor may in writing request the secured creditor to amend or cancel the notice. The secured creditor may not charge for tis and must do so within 10 days. Failure of which, the grantor may in writing request the registrar to cancel or amend a notice^[54]. The registrar shall give secured creditor notice and proceed to either amend or cancels. If a dispute arises, appeals lie to court^[55].

A search at the registry may be conducted by two search terms, this is the serial number of the collateral and the identity/identifier of the grantor after which the registrar shall grant a certificate of search^[56]. This certificate of search is proof of its contents.

An error in the grantor identifier entered in a notice renders the registration ineffective only if it seriously misleads a reasonable searcher^[57] . This does not affect other grantors who are sufficiently and correctly identified^[58] an error in the description of the collateral is fatal but not to other sufficiently identified collateral^[59] an error in the serial number renders the registration of that ineffective as against a buyer or lessee of that asset.

If the grantors identifier changers and the secured creditor register’s an amendment of that within 60 days but before the expiry of period of effectiveness then such registration is valid as against 3^rd parties and retains priority over other competing claims^[60]. If it is done after 60 days then a security right registered before the amendment notice gains priority over it whereas a buyer, lessee or licensee of the security right who buys the property before registration of the amendment notice acquires a collateral right free from the initial interest^[61].

EFFECTS OF NON-REGISTRATION

Section 13 of the Chattels Transfer Act provides clearly that unless the instrument is registered in the manner provided in the Act it shall be deemed fraudulent and void against the receiver, the assignee and any person seizing the chattels.

SATISFACTION AND DISCHARGE

UNDER THE REPEALED CHATTELS TRANSFER ACT

Once the debt secured by the chattel is extinguished, it should be formally discharged. A Memorandum of Satisfaction in the prescribed form^[62]signed by the grantee or his attorney, discharging the chattels comprised in the instrument should be produced to the registrar who files the memorandum. The Memorandum must be attested by at least one witness who adds his signature, residence, occupation and shall be verified by the affidavit of the witness.^[63]The registrar may dispense with the production where the instrument is destroyed or cannot be found or produced.^[64] Once the memorandum is filed, the debt or charge created by the instrument is vacated to the extent specified in the Memorandum.^[65] (annexure)

UNDER THE MOVABLE PROPERTY SECURITY RIGHTS ACT

The Movable Property Security Act provides for termination of a security right in the collateral where the security right has been extinguished. The debtor is then entitled to redemption of their interest in the security. On termination of a security right in the collateral, the secured creditor shall register an amendment or cancellation notice as provided for in Sec 32^[66]

Sec 32(c) provides; the secured creditor shall register a cancellation notice if the security right to which the notice relates has been extinguished and the secured creditor has no further commitment to provide value to the grantor.

If the debtor fails to pay or otherwise perform a secured obligation, the grantor and secured creditor may exercise rights as per the Act or those provided in the security agreement and any other written law^[67].

A person whose rights are affected by the enforcement process is entitled to redeem the collateral by paying or otherwise performing the secured obligation in full including the reasonable cost of enforcement^[68] this right may be exercised until the asset is sold or otherwise disposed of, acquired or collected by the secured creditor or until the conclusion of an agreement by a secured creditor for that purpose.^[69]

RIGHTS AND DUTIES OF PARTIES TO A ‘SECURITY AGREEMENT’

UNDER CHATTELS TRANSFER ACT

Implied Covenants

A covenant is an agreement, contract or written promise between two individuals that frequently constitutes a pledge to do or refrain from doing something.

An implied covenant is an agreement that isn’t specially stated in the contract terms. Under section 41 every instrument should have implied covenants for title on the part of the grantor and will have the same effect as if they were respectively set out at length in the instrument. They include:

1. That the grantor has good right and full power to assign to the grantee the chattels purporting to be assigned by the instrument.
2. That the chattels are free and clear from encumbrances except those mentioned in the instrument.
3. That the grantor will, at his own cost, do and execute all such acts, deeds, matters and things for the better assigning of the chattels or intended to be assigned, as required by the grantee time to time.^[70]

Others include;

1. To pay the grantee the principal money and interest secured under the instrument at the rate and time mentioned without and deduction.
2. To pay interest on any further advances that may be secured under the instrument at the rate and date mentioned.
3. Not to do or allow any act or deed which prejudicially effects the chattels assigned, while any sums of money remain owing on his security.
4. To pay all rents due on any lands or premises on which any of the chattels are situates, so long as any moneys remain due on his security.
5. To keep and maintain all and singular the chattels assigned by the instruments in the same good order and condition in which they are at the date of execution. To repair any damage to the chattels destroyed or which cease to exist with other chattels of the same nature.^[71]
6. To execute, if requires by the grantee, any instrument that may be necessary to give the grantee security over chattels.

Expressions in any instrument

Expressions defined in section 2 or in the Fourth Schedule and are used in any instrument, or in any of the covenants, provisos, agreements or powers shall, unless the contrary is expressed in the instrument, or unless manifestly inconsistent with the context, have the meanings given to them in section 2 or the Fourth Schedule, and those meanings shall be implied in the instrument as fully and effectually as if they were set out therein.^[72]

 Covenants to be several as well as joint

Where there are two or more grantors or two or more grantees of any instrument, then any covenants, conditions, provisos, agreements and powers expressed in the instrument, or implied therein by this Act, and imposing an on the grantors or grantees, or ensuring for the benefit of the grantors or grantees, shall, except in so far as a contrary intention appears, be deemed to impose that obligation, or confer that benefit, as the case may be, severally as well as jointly.

Covenants to bind executors

The Act stated that all covenants, conditions, provisos, agreements and powers expressed in any instrument, or implied therein by this Act, shall bind the executors, administrators and assigns of the person, or the successors and assigns of a company or corporation, upon whom the covenants, conditions, provisos, agreements and powers impose an obligation, and shall operate for the benefit of the executors, administrators and assigns of the person, or the successors and assigns of the company or corporation, for whose benefit they ensure.

RIGHTS AND DUTIES UNDER THE MOVEABLE PROPERTY SECURITY RIGHTS ACT

To exercise reasonable care

The party in possession of the collateral shall take reasonable care to preserve the asset[73]. The party may be the grantor in certain circumstances envisioned under section 71 or the grantee

To register an amendment or cancellation notice

When a security right in the collateral is terminated a secured creditor has an obligation to register an amendment or cancellation notice at the office of the registrar.^[74]

The amendment notice will be registered if^[75]:

1. The registered notice to which it relates contains information that exceeds the scope of the grantor's authorization.
2. The security agreement to which the registered notice relates has been revised to delete some collateral.

While a cancellation notice shall be registered if^[76]:

1. The registration of an initial notice was not authorized by the grantor.
2. The registration of an initial notice was authorized by the grantor but the authorization has been withdrawn and no security agreement has been concluded.
3. The security right to which the notice relates has been extinguished and the secured creditor has no further commitment to provide value to the grantor.

To inspect the collateral

Under 58 of the Act a secured creditor has the right to inspect the collateral in the possession of the grantor or another person.

Protection of the debtor of the receivable

Section 2 defines receivable as a right to payment of a monetary obligation, excluding a right to payment evidenced by a negotiable instrument, a right to payment of funds credited to a deposit account and a right to payment under security.

The creation of a security right in a receivable does not affect the rights and obligations of the debtor of the receivable, including the payment terms contained in the contract giving rise to receivable, without the debtor’s consent.^[77]

Notification of a security right and payment of a receivable

A secured creditor should send a notification of a security right to the debtor of the receivable and it should reasonably identify the encumbered receivable and the secured creditor.  A notification of the security right will also relate to a receivable that arise after notification.

A debt can be discharged by paying in accordance with the original contract if the debtor of the receivable does not receive a notification of a security right in a receivable. However, if the debtor receives the notification the debt can only be discharged by paying the secured creditor or as instructed in the notification or subsequently by the creditor in writing received by the debtor of the receivable.

If the debtor of the receivable receives notification of more than one security right in the same receivable created by the same grantor, it is discharged by paying in accordance with the first notification received.

A debtor has a right to request the secured creditor to provide within reasonable period of time for adequate proof that the security right in a receivable has been created. Until this right has been complied with the debtor of the receivable may discharge its obligation by paying the grantor even if notification of a security right has been received.

REFLECTIONS

In Kenya the ability to access loans is only open to people who have concrete security. This refers to title deeds and share certificates etc. more often than not these are privileges that are only open to the elite and few middle class persons. As such it is very hard for the ordinary ‘wanjiku’ to access credit financing. The dilemma deepens as when they are able to access credit financing the interests rates are too high for them to stay afloat. As such the intentions of Parliament in passing this Act were progressive. Parliament intended;

1. To enable the ordinary Kenyans to access credit financing on movable assets
2. To widen the scope of movable assets from tangible assets to intangible assets like intellectual property rights. This will especially benefits writers, inventors etc. they will be able to access credit based on their intellectual property rights.
3. Parliament intended to save the plight of Kenyans from the harsh banking rates as well as the refusal of banks to provide credit on certain types of movable property. The high interest rates are not only associated to banks but also shylocks and SACCOs.
4. Boost entrepreneurs by providing for alternative movable assets that can enable the access to credit, which in turn boosts business.
5. It is a known fact that the property held by many women in Kenya is movable. As such this Act will seek to empower women by enabling them to access credit via the movable property.

JURISDICTIONAL COMPARISON

It should be noted that other jurisdictions have also passed similar reformatory and realistic laws relating to movable security. Turkey passed the Moveable Property Security Interests Act which replaced the Law on Commercial Enterprise Pledges. The Act is in ways similar to the Moveable Property Security Rights Act Kenya mutatis mutandis[78]

The Moveable Property Security Rights Act establishes an online portal of which all registered security interests as against movable property will be available for inspection. In the jurisdiction of Malawi a similar facility has already been operationalized[79] under the Personal Property Security Act of Malawi 2013[80]. There the residents of Malawi may search and inspect all registered security rights as against movable property.

Similarly in the United Arab Emirates the new law on moveable property security rights extinguishes the insistence on delivery of possession of the moveable. It envisions a possibility where security rights may be created without delivery of possession. This law is called the Federal Law No 20 of 2016 on Mortgaging Moveable Properties as Surety for Debts[81].

CONCLUSION

The New Act is welcome. It is modern and provides for situations that were not envisioned under the repealed Act. This being a new Act there is little case law to assess its jurisprudential value but from an economic and jurisdictional comparison it is bound to boost entrepreneurship.

BIBLIOGRAPHY

LAWS

1. Chattels Transfer Act
2. Moveable Property Security Rights Act

BOOKS

3. Gilmore, Security Interests in Personal Property (Vol 1, 1999)
4. Prof P. Pettit, Equity and the Law of Trusts (12th edn, Oxford University Press, 2012)
5. Hansen, The Development and Making of Legal Doctrine( 2nd edn, Cambridge University Press, 2014)
6. Kieninger, Security Rights in Movable Property in European Private Law (Cambridge University Press, 2004)

ARTICLES

7. Ersoy, Turkey: Reforms To The Law On Pledges Of Movable Property: Business Enterprises In Turkey Expected To Enjoy Easier Access To Finance Sources, 27 October 2016, http://www.mondaq.com/turkey/x/538584/Securities/Reforms+To+The+Law+On+Pledges+Of+Movable+Property+Business+Enterprises+In+Turkey+Expected+To+Enjoy+Easier+Access+To+Finance+Sources (Accessed on 7,1,2017)
8. 'Personal Property Security Registration' (Registrargeneral.gov.mw, 2017) https://www.registrargeneral.gov.mw/services/personal-property-security-registration.html (Accessed 30 June 2017)
9. https://www.registrargeneral.gov.mw/acts_regulations/2013_07_24_Personal_Property_Security_Act.pdf (Accessed on 7,1,2017)
10. 'New UAE Federal Law On Mortgaging Moveable Properties | Insights | DLA Piper Global Law Firm' (DLA Piper, 2017) https://www.dlapiper.com/en/abudhabi/insights/publications/2017/01/new-uae-federal-law-on-mortgaging-moveable (Accessed 30 June 2017)
11. 'New UAE Pledge Law Takes Effect' (http://www.squirepattonboggs.com, 2017) http://www.squirepattonboggs.com/~/media/files/insights/publications/2017/03/new-uae-pledge/uae-pledge-law-alert.pdf (Accessed 30 June 2017)

[1] N. Hansen, The Development and Making of Legal Doctrine( 2^nd edn, Cambridge University Press, 2014) 216

[2] 'Mzalendo' (Info.mzalendo.com, 2017) <http://info.mzalendo.com/hansard/sitting/national_assembly/2017-02-08-14-30-00#entry-720149> accessed 7 July 2017 pg 16

[3] E. Kieninger, Security Rights in Movable Property in European Private Law (Cambridge University Press, 2004) 8

[4] Cap 28

[5] Section 2 Movable Property Security Rights Act

[6] Ibid

[7] Section 2 Chattels Transfer Act

[8] Section 2 Movable Property Security Rights Act

[9] Ibid

[10] Section 2 Movable Property Security Rights Act

[11] Ibid

[12] Ibid

[13] Ibid

[14] Section 2 Chattels Transfer Act

[15] Section 2 Movable Property Security Rights Act

[16] Ibid

[17] Section 4 Chattels Transfer Act

[18] Ibid

[19] Section 5 Chattels Transfer Act

[20] Section 6 (1) Chattels Transfer Act

[21] Section 7 (2) Chattels Transfer Act

[22] Section 7 (5) Chattels Transfer Act

[23] Section 9 Chattels Transfer Act

[24] Section 10 (1) Chattels Transfer Act

[25] HCCC No. 1549 of 2001 ; See also Fidelity Commercial Bank Ltd. vs Agritools Limited, Salim Bhanji, S. Bhanji (Ms.) and Hussein Bhanji and Jamnadass Premium Finance Ltd (Milimani Commercial Courts HCCC 1677 of 2000)

[26] Section 10 (2) Chattels Transfer Act

[27] Section 11 Chattels Transfer Act

[28] Section 13 Chattels Transfer Act

[29] Section 14 Chattels Transfer Act

[30] H.C, Nairobi, Civil Case No. 795 OF 1998

[31] Section 14A Chattels Transfer Act

[32] Industrial Court, Mombasa, Cause No. 130 of 2012

[33] Venue Company Ltd v Madatali Chatur & Another [2009], HC, Nairobi, Civil Appeal 257 of 2008

[34] Section 19 Moveable Property Security Rights Act

[35] Section 20 (1) Moveable Property Security Rights Act

[36] Section 21 (1) Moveable Property Security Rights Act

[37] Section 21 Moveable Property Security Rights Act

[38] Section 22 Moveable Property Security Rights Act

[39] Prof P. Pettit, Equity and the Law of Trusts (12th edn, Oxford University Press, 2012)  26

[40] Section  23 Moveable Property Security Rights Act

[41]  Section 24 (1) Moveable Property Security Rights Act

[42] Section 24 (3) Moveable Property Security Rights Act

[43] Section 25 Moveable Property Security Rights Act

[44] Section 27 Moveable Property Security Rights Act

[45] Section 28 Moveable Property Security Rights Act

[46] Section 29(2) Moveable Property Security Rights Act

[47] Section 30(1) Moveable Property Security Rights Act

[48] Section  30(2) Moveable Property Security Rights Act

[49] Section  31(2) Moveable Property Security Rights Act

[50] Section  31(3) Moveable Property Security Rights Act

[51] Section 32 (1) Moveable Property Security Rights Act

[52] Section 32 (2) Moveable Property Security Rights Act

[53] Section 33 (1) Moveable Property Security Rights Act

[54] Section 33 Moveable Property Security Rights Act

[55] Ibid

[56] Section 35 Moveable Property Security Rights Act

[57] Ibid

[58] Ibid

[59] Ibid

[60] Section 36 Moveable Property Security Rights Act

[61] Section 36 Moveable Property Security Rights Act

[62] Chattels Transfer Act, Cap 28 1930, Form 5 in Schedule 1,

[63]Ibid Section 34(2)

[64] Ibid, Section 34(3)

[65] Ibid Section 35

[66]The Movable Property Security Rights, 2017, Section 57

[67] Section 65(1)

[68] Section 69(1)

[69] Section 69(2)

[70]  Second Schedule of the Chattels Transfer Act

[71] Third Schedule of the Chattels Transfer Act

[72] Section 43

[73] G. Gilmore, Security Interests in Personal Property (Vol 1, 1999) 24

[74] Section 57, The Movable Property Security Rights Act, Laws of Kenya

[75] Section 33(1), The Movable Property Security Rights Act, Laws of Kenya

[76] Section 33(2) ,The Movable Property Security Rights Act, Laws of Kenya

[77] Section 59 ,The Movable Property Security Rights Act, Laws of Kenya

[78] E. Ersoy, Turkey: Reforms To The Law On Pledges Of Movable Property: Business Enterprises In Turkey Expected To Enjoy Easier Access To Finance Sources, 27 October 2016,  http://www.mondaq.com/turkey/x/538584/Securities/Reforms+To+The+Law+On+Pledges+Of+Movable+Property+Business+Enterprises+In+Turkey+Expected+To+Enjoy+Easier+Access+To+Finance+Sources (Accessed on 7,1,2017)

[79]  'Personal Property Security Registration' (Registrargeneral.gov.mw, 2017) https://www.registrargeneral.gov.mw/services/personal-property-security-registration.html  ( Accessed 30 June 2017.

[80] https://www.registrargeneral.gov.mw/acts_regulations/2013_07_24_Personal_Property_Security_Act.pdf  (Accessed on 7,1,2017)

[81] 'New UAE Federal Law On Mortgaging Moveable Properties | Insights | DLA Piper Global Law Firm' (DLA Piper, 2017) https://www.dlapiper.com/en/abudhabi/insights/publications/2017/01/new-uae-federal-law-on-mortgaging-moveable/  (Accessed 30 June 2017); See also 'New UAE Pledge Law Takes Effect' (http://www.squirepattonboggs.com, 2017) http://www.squirepattonboggs.com/~/media/files/insights/publications/2017/03/new-uae-pledge/uae-pledge-law-alert.pdf  (Accessed 30 June 2017)