A Critical Appraisal Of Secured Transactions Over Personal Property In Nigeria
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Towards Reforming the Legal Framework for Secured Transactions in Nigeria
| Author | : Chima Williams Iheme |
| Publisher | : Springer |
| Total Pages | : 305 |
| Release | : 2016-08-16 |
| Genre | : Law |
| ISBN | : 331941836X |
This book offers a valuable guide to one of the most challenging areas of commercial law, now frequently referred to as secured transactions, with a focus on Nigerian, Canadian and United States perspectives. A debtor’s ability to provide collateral influences not only the cost of the money borrowed, but also in many cases, whether secured lenders are willing to offer credit at all. The book proposes that increasing access to, and indeed, lowering the cost of credit could tremendously boost economic development, while at the same time arguing that this would best be achieved if the legal framework for secured transactions in Nigeria, and of course, any other country with similar experiences, were designed to allow the use of personal property and fixtures to secure credit. Similarly, the creation, priority, perfection, and enforcement of security interests in personal property should be simplified and supported by a framework that ensures that neither the interests of secured lenders nor debtors are hampered, so as to guarantee the continuous availability of affordable credit as well as debtors’ willingness to borrow and do business. The book further argues that in addition to the obvious preference for real property over personal property by secured lenders due to the unreformed secured-transactions legal framework in Nigeria, its compartmentalized nature has also resulted in unpredictability in commerce and the concomitant effects of poor access to credit. Through the comparative research conducted in this book utilizing the UCC Article 9 and Ontario PPSA as benchmarks, the author provides reformers with a repository of tested secured-transactions law solutions, which law reformers in the Commonwealth countries in Africa and beyond, as well as the business community will find valuable in dealing with issues that stem from secured transactions.
Legal Problems of Secured Transactions in Nigeria
| Author | : Emmanuel O. Nwabuzor |
| Publisher | : National Library of Canada = Bibliothèque nationale du Canada |
| Total Pages | : 268 |
| Release | : 1993 |
| Genre | : Commercial law |
| ISBN | : |
Swimming in Tested Waters
| Author | : Williams Iheme |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2015 |
| Genre | : |
| ISBN | : |
It is the view of many scholars that robust economic development of a country is heavily dependent on the sufficient availability of credit in the economy. Doing business leads to jobs-creation and poverty reduction - but that can only happen if sufficient credit is made available to both business and non-business entities. However, lenders of credit are in business and should obtain some form of security, of which proprietary (in rem) security plays a key role. An internet registry which displays all security interests and encumbrances in personal property, thereby providing notice to the public regarding a particular secured transaction is highly recommended for Nigeria. In addition, all personal property should be admissible as collateral, coupled with creditors' self-help right to repossess and sell them in the event of default. The Nigerian legal framework on secured transactions is compartmentalized and insufficient to tackle today's commercial realities, but UCC Article 9 which has so far escaped attention of lawmakers in Nigeria may offer a number of recipes for Nigeria's secured transactions law reform.
Micro Business Entities and the Reform of Personal Property Security Law in Nigeria
| Author | : Gregory Esangbedo |
| Publisher | : Cambridge Scholars Publishing |
| Total Pages | : 190 |
| Release | : 2023-10-27 |
| Genre | : Law |
| ISBN | : 152755287X |
This book examines an enactment that reforms Nigeria’s personal property security law by adopting the unitary system of secured transactions in replacement of the common law system. With the unitary system widely acclaimed for enhancing access to credit for small business entities, the book highlights the drawbacks of the enactment in the attainment of this objective. Being the foremost Nigerian book on the unitary system, it is a significant text for all stakeholders in the credit system within and outside Nigeria, including law academics, practitioners, students and financial regulators. It will interest those in countries that are intent on undergoing similar reform as it provides guidance on the unique features of the unitary system in contrast with those of the common law. In the spirit of reform, the book compares the Nigerian enactment to other similar enactments to highlight potential lessons in areas in which the Nigerian enactment appears to have lost traction.This book examines an enactment that reforms Nigeria’s personal property security law by adopting the unitary system of secured transactions in replacement of the common law system. With the unitary system widely acclaimed for enhancing access to credit for small business entities, the book highlights the drawbacks of the enactment in the attainment of this objective. Being the foremost Nigerian book on the unitary system, it is a significant text for all stakeholders in the credit system within and outside Nigeria, including law academics, practitioners, students and financial regulators. It will interest those in countries that are intent on undergoing similar reform as it provides guidance on the unique features of the unitary system in contrast with those of the common law. In the spirit of reform, the book compares the Nigerian enactment to other similar enactments to highlight potential lessons in areas in which the Nigerian enactment appears to have lost traction.
Reformed Secured Transactions Regulation in Nigeria
| Author | : Sanford Mba |
| Publisher | : |
| Total Pages | : 10 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
In 2015, Nigeria joined the league of countries that have reformed their secured transactions regime, with the enactment of the Central Bank of Nigeria (CBN) Regulation No. 1, 2015. This reform introduces a new wave of changes to the way by which personal property will be used in the future for the purpose of securing credit in Nigeria. Amongst other things, the Regulation provides a reconceptualization of personal property securities as conceptualized under English law to a functional system, such as that of UCC Article 9. More specifically, it introduces in some measure, self-help repossession and disposition as a means by which secured lenders may realize their security interests in the event that the debtor defaults in the repayment of the credit facility extended to the debtor.In this paper, I shall examine, from the viewpoint of behavioral law and economics (BLE), arguments that supports the case for the use of self-help repossession as provided for in the Regulation.
Towards Reforming Nigeria's Secured Transactions Law
| Author | : Williams Iheme |
| Publisher | : |
| Total Pages | : |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
In response to the inability of micro, small and medium scale enterprises (MSMEs) to access credit to finance their business operations, the governor of the Central Bank of Nigeria passed the Central Bank of Nigeria (Registration of Security Interests in Movable Property by Banks and Other Financial Institutions in Nigeria) Regulations, No 1, 2015. The purport of this regulation is, among other things, to ensure that MSMEs can use items of personal property to create security. This article critically examines the regulation in the light of the building blocks of article 9 of the US Uniform Commercial Code, which is not only a paradigmatic piece of legislation but appears to be the model on which the Nigerian regulation is based. This critical examination leads the authors to conclude that, although the regulation represents the first steps to reform, much more remains to be done to ensure effectiveness.
The Law of Personal Property Secured Transactions Under the Uniform Commercial Code and Related Laws
| Author | : Alvin C. Harrell |
| Publisher | : |
| Total Pages | : 446 |
| Release | : 1994 |
| Genre | : Chattel mortgages |
| ISBN | : |
Secured Transactions in Personal Property
| Author | : William D. Warren |
| Publisher | : |
| Total Pages | : 710 |
| Release | : 2004 |
| Genre | : Law |
| ISBN | : |
This law school casebook provides a detailed examination of secured transactions in both the commercial and consumer context. It discusses in detail the provisions of Revised Article 9 (Secured Transactions). New Problems and Notes are integrated with cases to allow convenient treatment of statutory innovations. New Forms are also included.
