RECENT DEVELOPMENTS IN THE LAW OF SECURITIES UNDER OHADA LAW: A LEGAL APPRAISAL
Keywords:
securities, guarantees, mortgageAbstract
Security law is an essential piece of legislation providing for various guarantees protecting creditors by securing the enforcement of the debtors' obligations. The revised OHADA Uniform Act on security law has been adopted on 15 December 2010, but it became effective in each of the then 16 member states on 16 May 2011i .The main object of a security is to protect the creditor against the debtor’s bankruptcy or where the debtor is a body corporate, in the event of its liquidation. While a security becomes particularly attractive if it further protects the creditor against the debtor’s fraud, this does not form a major object of the arrangement. This article explores the changes earmarked in the new Uniform Act in terms of classification and existing challenges and proposes prospects to meet up with current exigencies within and out of the OHADA Zone.
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