Towards Reforming the Legal Framework for Secured Transactions in Nigeria
Towards Reforming the Legal Framework for Secured Transactions in Nigeria

Author: Chima Williams Iheme

Publisher: Springer

Published: 2016-08-16

Total Pages: 305

ISBN-13: 331941836X

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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.

Secured Transactions Law Reform in Africa
Secured Transactions Law Reform in Africa

Author: Marek Dubovec

Publisher: Bloomsbury Publishing

Published: 2019-10-31

Total Pages: 586

ISBN-13: 1509913092

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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.

Personal property law in Nigeria
Personal property law in Nigeria

Author: Mike A.A. Ozekhome

Publisher: Pretoria University Law Press

Published: 2019

Total Pages: 256

ISBN-13: 1920538976

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This book addresses core issues of personal property law in Nigeria from a comparative perspective. It offers a detailed account of the laws governing personal property and the different lightweight reforms undertaken mainly through case law before the enactment of the Secured Transactions in Movable Assets Act in 2017. The book draws insights from the United States UCC article 9, being unarguably the first law that introduced the concept of modern secured transactions law, and was influential to many common and civilian law systems in reforming their personal property laws. Given that personal property law is fairly new in Nigeria, and also in Africa in general, the main aim of the book is to provide judges and academic researchers with a rich collection of tested solutions from jurisdictions that have experimented with modern secured transactions law for several decades. The primary and secondary works that were referenced in the book have tracked the different epochal shifts in legal thinking and their significances. This may assist scholars and judges in Nigeria to come up with bespoke interpretations of the Act and solutions to underlying problems on credit and security, that will satisfy the local conditions as opposed to copying the unaltered solutions from the United States and other advanced systems.

Secured Transactions Law in Asia
Secured Transactions Law in Asia

Author: Louise Gullifer

Publisher: Bloomsbury Publishing

Published: 2021-03-25

Total Pages: 651

ISBN-13: 1509926518

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This collection of essays offers a unique insight and overview of the secured transactions law in many of the most important countries in Asia, as well as reflections on the need for, benefits of and challenges for reform in this area of the law. The book provides a mixture of general reflections on the history, successes and challenges of secured transaction law reform, and critical discussion of the law in a number of Asian countries. In some of the countries, the law has already been reformed, or reform is under way, and here the reforms are considered critically, with recommendations for future work. In other countries, the law is not yet reformed, and the existing law is analysed so as to determine what reform is desirable, and whether it is likely to take place. First, this book will enable those engaging with the law in Asia to understand better the contours of the law in both civil and common law jurisdictions. Second, it provides analytical insights into why secured transactions law reform happens or does not happen, the different methods by which reform takes place, the benefits of reform and the difficulties that need to be overcome for successful reform. Third, it discusses the need for reform where none has yet taken place and critically assesses the reforms which have already been enacted or are being considered. In addition to providing a forum for discussion in relation to the countries in question, this book is also a timely contribution to the wider debate on secured transactions law reform which is taking place around the world.

Micro Business Entities and the Reform of Personal Property Security Law in Nigeria
Micro Business Entities and the Reform of Personal Property Security Law in Nigeria

Author: Gregory Esangbedo

Publisher: Cambridge Scholars Publishing

Published: 2023-10-27

Total Pages: 190

ISBN-13: 152755287X

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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.

Reforming Collateral Laws to Expand Access to Finance
Reforming Collateral Laws to Expand Access to Finance

Author: Heywood W. Fleisig

Publisher: World Bank Publications

Published: 2006

Total Pages: 120

ISBN-13: 082136491X

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Most readers, especially those with car loans or home mortgages, know about "collateral"--property that the lender can take away from the borrower in the event that the borrower defaults. In low/middle income countries, it is understood that conservative lenders exclude firms from credit markets with their excessive collateral requirements. Usually, this is because only some property is acceptable as collateral: large holdings of urban real estate and, sometimes, new motor vehicles. Microenterprises, SMEs, and the poor have little of this property but they do have an array of productive assets that could easily be harnessed to serve as collateral. It is only the legal framework which prevents firms from using these assets to secure loans. In countries with reformed laws governing collateral, property such as equipment, inventory, accounts receivable, livestock are considered excellent collateral. This book aims to better equip project managers to implement reforms to the legal and institutional framework for collateral (secured transactions). It discusses the importance of movable property as a source of collateral for firms, the relationship between the legal framework governing movable assets and the financial sector consequences for firms (better loan terms, increased access, more competitive financial sector), and how reforms can be put in place to change the lending environment.

Law and Creditor Protection in Nigeria
Law and Creditor Protection in Nigeria

Author: Okafor Onamson

Publisher: African Books Collective

Published: 2017-08-08

Total Pages: 393

ISBN-13: 978554530X

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Examined here are the legal and practical reasons for the inefficiency of the legal framework of creditor protection in Nigeria. This is amply justified considering the critical role of credit in the promotion of economic growth and development and also bearing in mind the near calamitous consequences the 2009 financial crisis unleashed not only among Nigerian banks and financial institutions, and in the international financial system. The latter nearly led to socioeconomic catastrophe in Nigeria, as well as globally. It is hoped that book is found useful by government, policy makers, academics, corporate financial experts, investment bankers and other stakeholders to initiate and implement efficient policy actions to protect creditors in order to sustain the flow of credit, the engine of any economy.

Secured Transactions Law Reform
Secured Transactions Law Reform

Author: Louise Gullifer

Publisher: Bloomsbury Publishing

Published: 2016-10-20

Total Pages: 616

ISBN-13: 1509903127

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Secured transactions law has been subjected to a close scrutiny over the last two decades. One of the main reasons for this is the importance of availability of credit and the consequent need to reform collateral laws in order to improve access to finance. The ability to give security effectively influences not only the cost of credit but also, in some cases, whether credit will be available at all. This requires rules that are transparent and readily accessible to non-lawyers as well as rules that recognise the needs of small and medium-sized enterprises. This book critically engages with the challenges posed by inefficient secured credit laws. It offers a comparative analysis of the reasons and the needs for a secured transactions law reform, as well as discussion of the steps taken in many common law, civil law and mixed law jurisdictions. The book, written under the auspices of the Secured Transactions Law Reform Project, informs the debate about reform and advances novel arguments written by world renowned experts that will build upon the existing literature, and as such will be of interest to academics, legal practitioners and the judiciary involved in secured transactions law around the world. The text considers reform initiatives that have taken place up to the end of April 2016. It has not been possible to incorporate events since then into the discussion. However, notable developments include the banks decree passed by the Italian Government on 29th June 2016, and the adoption of the Model Law on Secured Transactions by UNCITRAL on 1st July 2016.

UNCITRAL Model Law on Secured Transactions
UNCITRAL Model Law on Secured Transactions

Author: United Nations Commission on International Trade Law

Publisher:

Published: 2016

Total Pages: 96

ISBN-13:

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The "Model Law" deals with security interests in all types of tangible and intangible movable property, such as goods, receivables, bank accounts, negotiable instruments, negotiable documents,

Doing Business 2020
Doing Business 2020

Author: World Bank

Publisher: World Bank Publications

Published: 2019-11-21

Total Pages: 254

ISBN-13: 1464814414

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Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.