MOVABLE PROPERTY SECURITY RIGHT PROCLAMATION NO. I 147/2019

PROCLAMATION NO. I 147/2019

A PROCLAMATION TO PROVIDE FOR MOVABLE PROPERTY SECURITY RIGHT

WHEREAS, modern secured transactions system enables individuals and entities to use their movable assets as security for credit generating new productive capital, expands investments, creates more job opportunity, increases production and productivity, fosters access to and usage of financial products and services, creates opportunity to expand banking services to rural areas;

WHEREAS, it is necessary to provide for the creation of security right in movable property, ensure that publicity and effectiveness through efficient enforcement mechanism

WHEREAS, establishing single comprehensive electronic registration regime for secured transactions in movable property to determine priority right among competing claimants is necessary;

NOW, THEREFOR, in accordance with Article 55(1) of the Federal Democratic Republic of Ethiopia Constitution, it is hereby proclaimed as follows.-

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