Secured Transactions Law Reform in Africa

Marek Dubovec is the Executive Director of the Kozolchyk National Law Center (NatLaw), Tucson, Arizona. Louise Gullifer is Rouse Ball Professor of English Law at the University of Cambridge.

PART I
INTRODUCTION
1. Introduction
A. General Introduction
B. Reform of Secured Transactions Law
C. The Status and Background of Secured Transactions Law Reform in Africa
D. Terminology
E. Legal Issues
2. A Modern Secured Transactions Law
A. Introduction
B. Scope of Secured Transactions Law
C. Creation
D. Third-Party Effectiveness
E. Registration
F. Priority
G. Rights and Duties of Parties
H. Enforcement
I. Conflict of Laws
J. Transitional Provisions
K. Conclusion

PART II
COMMON LAW
3. Ghana
A. Ghana’s Economy
B. Pre-B&L Act Legal Framework
C. The Borrowers and Lenders Act
D. Final Remarks
4. Kenya
A. Economic Overview
B. Pre-Existing Legal Framework and Registries
C. Movable Property Security Rights Act
D. Final Remarks
5. Liberia
A. Economic Overview
B. The Commercial Code
C. Chapter 5 of the Commercial Code
D. Insolvency Reform
E. Final Remarks
6. Malawi
A. Introduction
B. Warehouse Receipts Act of 2018
C. Malawi’s Commodity Exchanges
D. Final Remarks
7. Nigeria
A. Economic Overview
B. Pre-Reform Secured Transactions Framework
C. Recent Reforms
D. Secured Transactions Law – The Reform
E. Final Remarks
8. Zambia
A. Introduction
B. Background to the MPSIA
C. Pre-MPSIA Framework
D. Structure of the MPSIA
E. Implementation Challenges
F. Final Remarks
9. Sierra Leone
A. Economic and Financing Overview
B. Legal Framework Affecting Secured Transactions
C. Borrowers and Lenders Act of 2014
D. The 2019 Borrowers and Lenders Act
E. Final Remarks and Future Steps

PART III
CIVIL LAW
10. OHADA Uniform Act on Securities
A. Introduction
B. Scope: Types of Security Rights
C. Third-Party Effectiveness
D. Registration of Security Rights in the Register of Commerce and Securities
E. Priority
F. Rights and Obligations of the Parties
G. Enforcement of Security Rights
H. Conflict of Laws and Transition Provisions
I. Final Remarks
11. Burundi
A. Economic Overview
B. Pre-Reform Legal Framework
C. The 2016 Law on Security Rights and the 2016 Leasing Law
D. Final Remarks
12. Ethiopia
A. Economic Overview
B. Legal System
C. Overview of the Current Secured Transactions Regime
D. Current Security Devices
E. Proposed Reform
F. Final Remarks
13. Tunisia
A. Introduction
B. Economic Overview
C. Secured Transactions Framework – An Overview and Common Transactions
D. Creation and Third-Party Effectiveness
E. Priorities
F. Enforcement of Security Rights
G. Conclusion

PART IV
MIXED JURISDICTIONS
14. Rwanda
A. Country and Economic Overview
B. Secured Transactions Legal Framework
C. Law on Security Interests in Movable Property
D. Final Remarks
15. South Africa
A. Introduction
B. Background of the Legal Framework
C. Security Rights in Movable Assets
D. Final Remarks
16. Zimbabwe
A. Introduction
B. Pre-2017 Secured Transactions Framework
C. The Movable Property Security Interests Act
D. Final Remarks

PART V
FINAL CHAPTERS
17. A Modern International Approach to Equipment Financing in Africa: The Cape Town Convention and its Protocols
A. Introduction
B. The Cape Town Convention Model: The Basic Legal Framework
C. Facilitating Financing in the Aviation Sector: The Aircraft Protocol in Africa
D. Facilitating Development of the Rail Sector: The Luxembourg Rail Protocol and Africa
E. The Future Mining, Agriculture and Construction Protocol
F. Final Remarks
18. The Infrastructure Underpinning a Modern Secured Transactions Law
A. Introduction
B. The Benefits of a Reformed Secured Transactions Regime
C. Components of a Modern Secured Transactions Regime
D. Credit Infrastructure Elements that Support Affordable Credit
E. Conclusion
Conclusion
A. Introduction
B. Drivers for Reform
C. The Method of Reform
D. The Substance of Reform
E. Conclusion