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Date introduced:
BILLS SUPPLEMENT No. 7 24th July 2009
BILLS supplement to the Uganda Gazette No. 35 Volume 'Cll dated 24th July, 2009.
Printed by UPPC, Entebbe by Order of the Government. Bill No.12 Chattels Securities Bill, 2009 THE CHATTELS SECURITIES BILL, 2009.
MEMORANDUM.
Act Cap.70 and for other related purposes:
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Clause 97 empowers the Minister to make regulations for giving better effect to the Act. Clause 99 deals with repeal and savings. Clause 99(1) seeks to repeal the Chattels Transfer Act, Cap. 70. Clause 99(2) of the Bill seeks to .save instruments registered under the repealed Act and provides that they shall continue to be valid for a period not exceeding ninety days from the commencement of the Act, after which the instruments shall be rendered null and void unless executed and registered in accordance with the provisions of the Act. HON. FREDRICK RUHINDI, M.P. Deputy Attorney General and Minister of State for Justice and Constitutional Affairs |
Bill No. 12 Chattels Securities Bill THE CHATTELS SECURITIES BILL, 2009 |
2009 |
ARRANGEMENT OF CLAUSES Clause Part I—Preliminary
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4. |
Reservation of title |
5. |
Collateral in possession or control of debtor |
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Knowledge of fact in relation to particular transaction |
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Notice to be in writing |
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Conflict of laws. |
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Part II—Creation of Security Interest and |
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Rights of Secured Party |
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Creation of security interest |
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Effectiveness of agreement creating security interest and duty of |
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good faith |
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Attachment of security interest |
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Attachment of security interest in property after it is acquired |
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Future advances |
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Rights and duties where collateral is in possession of secured party |
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Secured party to supply information |
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Requirements for enforcement against third parties |
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Part III—Perfection and Priority of Security Interest |
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Perfection of security interest |
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Perfection by registration |
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Perfection by possession of collateral |
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Temporary perfection where collateral is delivered or is available |
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to debtor |
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Security interest in proceeds |
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Continuity of perfection |
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Bill No. 12 Chattels Securities Bill 2009 Clause |
Part IV—Registration
Part V—Instruments
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Bill No. 12 Clause |
Chattels Securities Bill |
2009 |
Part VI—Financing Statement
Part VII—Rights And Remedies
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Bill No. 12 Clause |
Chattels Securities Bill. |
2009, |
Part VIII—Sale of Chattels .
Part IX—Covenants Implied In Instruments
Part X—Miscellaneous
SCHEDULES First Schedule—Currency Point Second Schedule—Covenants implied in instruments |
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Bill No. 12 |
Chattels Securities Bill |
2009 |
A BILL, for an Act ENTITLED
THE CHATTELS SECURITIES ACT, 2009. An Act to regulate the making and enforcement of security interests in chattels; to repeal the Chattels Transfer Act, Cap. 70 and for other related purposes. Be it enacted by Parliament as follows: Part I—Preliminary
This Act shall come into force on a date to be appointed by the Minister, by statutory-instrument.
In this Act, unless the context otherwise requires--; “accessions” means goods that are installed in or fixed to other goods- “cash proceeds” means proceeds in the form of money, cheques, drafts, and deposit accounts in a deposit-taking-institution; 5 |
Bill No. 12 Chattels Securities Bill 2009 “chattel” means any moveable property that can be completely transferred by delivery, and includes machinery, book debts, stock and the natural increase of stock, crops and wool, but does not include— .
“chattel paper” means one or more documents that evidence-—
“chose in action” means a right which can be enforced in court; “collateral*’ means personal property that is subject to a security interest; “consumer goods” means goods that a debtor uses or acquires for use primarily for personal, family or household purposes; and the determination whether goods are consumer goods for the purposes of a security interest is made at the time the security interest in the goods attaches; “court” means a court of competent jurisdiction; “crops” means crops, whether matured or otherwise, and whether naturally grown or planted, attached to land by roots or forming part of trees or plants attached to land, but does not include trees; |
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Bill No. 12 Chattels Securities Bill 2009 “currency point” has the value assigned to it in the First Schedule; |
“debtor” means—
years; or
the same person—
“document of title” means a document which in the regular course of business or financing is treated as adequately evidencing that the person in possession of it is entitled to receive, hold and dispose of the goods it covers; and includes a bill of lading, dock warrant, dock receipt, warehouse receipt or order for the delivery of goods; and is issued by or addressed to a bailee and relates to goods in the possession of the bailee that are identified Or are tangible portions of an identified mass; “executed” means signed by the grantor or his or her attorney; “financing change statement” means a document relating to a registered financing statement; |
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Bill No. 12 Chattels Securities Bill ' |