International legal firm Dentons – a TEAS member company – has published a Client Alert relating to the new Law on Secured Transactions with Movable Property, passed in May 2017. This is based on the UN Commission on International Trade Law (UNCITRAL) Model Law on Secured Transactions.

The new law applies to any existing or future movable property, and related rights and claims, except for movable property that is registered in an official registry and securities that are subject to state registration. A security interest created in relation to movable property under the new law will apply to fixtures, proceeds (whether in cash or in kind), any compensation received by the security provider from the forced sale, requisition or nationalisation of the collateral, as well as to any insurance proceeds in relation to the collateral. Go to http://bit.ly/dentonssecuredtransactions to read the full alert.

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