ADVOKS GLOBAL · KENYA
Movable Property Security Rights Act
67. Relief for non-compliance
Edition: 2022-12-31 · In force
67. Relief for non-compliance
(1)If there is a default with respect to any obligation, the secured creditor shall serve on the grantor a notification, in writing or in other form agreed between the parties, to pay the money owing or perform and observe the agreement as the case may be.(2)The notification required under subsection (1) shall adequately inform the recipient of the following matters—(a)the nature and extent of default;(b)if the default consists of non-payment, the actual amount and the time by the end of which payment must be completed;(c)if the default consists of the failure to perform or observe any covenant, express or implied, in the agreement, the act the grantor must do or desist from doing so as to rectify the default and the time by the end of which the default must have been rectified;(d)the consequence that if the default is not rectified within the time specified in the notification, the secured creditor will proceed to exercise any of the remedies referred to in section 65; and(e)the right of the grantor in respect of certain remedies to apply to the court for relief against those remedies.(3)If the grantor does not comply within the time period indicated in the notification after the date of service of the notification, the secured creditor may—(a)sue the grantor for any payment due and owing under the agreement;(b)appoint a receiver of the movable asset;(c)lease the movable asset;(d)take possession of the movable asset;(e)sell the movable asset; or(4)The Cabinet Secretary may prescribe the form and content of a notification to be served under this section.