Parliament has enacted an interesting piece of legislation. The Movable Property Security Rights Act, 2017 (the Act) was assented to on the 10th of May, 2017.
The Act has the potential of streamlining the Movable Properties Securities regime and has been created with the following objects in mind, i.e.
(a) promote consistency and certainty in secured financing relating to movable assets;
(b) enhance the ability of individuals and entities to access credit using movable assets; and
(c) to establish the office of the Registrar and a Registry to facilitate the registration of security rights in movable assets.
Indeed, as its long title suggests it is "an Act of Parliament to facilitate the use of movable property as collateral for credit facilities, to establish the office of the Registrar of security rights and to provide for the registration of security rights in movable property and for related purposes."
The Act is yet to come to force, Parliament having left to the relevant Cabinet Secretary the responsibility to appoint, by a notice published in the Kenya Gazette, the date for the coming into force of the said Act. When the Act does come into force it will have a significant impact on the taking of security in Kenya.
The Act, in section 2, describes a "security right" as
(a) a property right in a movable asset that is created by an agreement to secure payment or other performance of an obligation, regardless of whether the parties have denominated it as a security right, and regardless of the type of asset, the status of the grantor or secured creditor, or the nature of the secured obligation; and
(b) the right of the transferee in an outright transfer of a receivable.
The Act makes it easier for persons who do not own real property to secure a credit line by facilitating borrowing against their various types of movable assets.
For further information on the Act, kindly contact Okello Kinyanjui and Company Advocates on email@example.com.
The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) is the first regional government-to-government agreement to promote and enhance cooperation against piracy and armed robbery in Asia.
The ReCAAP Information Sharing Centre posted a summary of incidents of piracy and armed robbery against ships in Asian waters during the third quarter of 2017.
A total of 50 incidents of piracy and armed robbery against ships (comprising 43 actual incidents and seven attempted incidents) were reported during January-September 2017 in Asia.
Of the 50 incidents, seven were incidents of piracy and 43 were incidents of armed robbery against ships.
The total number of incidents reported during January-September 2017 has decreased by 15% compared to the same period in 2016.
A total of 59 incidents were reported during January-September 2016.
In Navalmare UK Limited vs Kale Maden Hammaddeler Sanayi ve Ticart AS (The "Arundel Castle"), the English Commercial Court held that the particular terms of the voyage charter in question, which was a port charter, meant that the vessel was not an "arrived ship" at Krishnapatnam when she was anchored outside the "port limits" for that port as marked on the relevant Admiralty chart, despite the port authority there having ordered the vessel to anchor at that location by reason of congestion at the port. -Source David Martin Clark
In an interesting decision the Supreme Court in Karen Kandie vs Alassane Ba and anr ruled that an interpretation of Article 2(6) of the Constitution in a manner that distinguishes treaties which Kenya ratified prior to, and after the 2010 Constitution, is not tenable.
In other words, if a treaty has been ratified by Kenya, the said treaty forms part of the law of Kenya and it matters not whether the ratification was effected before or after the coming into force of the Constitution.
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