Download This PaperStuck in a Time Warp: Security Interests in Chattel Mortgages and the Bills of Sale Legislation in Nigeria
International Company & Commercial Law Review; 2015, 26 (11), 345
14 Pages Posted: 26 Oct 2015 Last revised: 28 Oct 2015
Date Written: October 17, 2015
Abstract
Examines the law in Nigeria on the use of the bill of sale as a security device in the form of a chattel mortgage. Considers issues including the definition of "personal chattels," the formal requirements of a bill of sale, the remedies for its breach and the effect of a borrower's bankruptcy. Discusses the Nigerian Central Bank's Regulations of September 2014 on security interests in moveable property. Evaluates the regime and suggests reforms.
Keywords: Bankruptcy; Bills of sale; Chattels; Loan agreements; Moveable property; Nigeria
Suggested Citation: Suggested Citation