Brief summary major reforms introduced by Movable Property Security Rights Proclamation, No.1147/2019

 

Introduction

Before the enactment of movable property security right proclamation, Ethiopian movable security right law is ultimately unsatisfactory because it is fragmented, and contained in four different pieces of legislation: The Civil and Commercial Codes, the Business Mortgage Proclamation, the Proclamation to Provide for a Warehouse Receipts System (Warehouse Receipts Proclamation), and the Capital Goods Leasing Business Proclamation. Under this system, security rights in many movable assets are not registered.

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