ADVOKS GLOBAL · KENYA
Movable Property Security Rights Act
68. Secured creditor's right to sue
Edition: 2022-12-31 · In force
68. Secured creditor's right to sue
(1)The secured creditor may sue for the performance of the secured obligation only if—(a)the grantor is personally bound to satisfy the secured obligation;(b)by any cause other than the wrongful act of the secured creditor or grantor, the collateral is rendered insufficient to fully satisfy the secured obligation and the secured creditor has given the grantor a reasonable opportunity to provide additional sufficient security and the grantor has failed to provide that additional security; or(c)the secured creditor is deprived of the whole or part of the security right through or in consequence of, a wrongful act or default of the grantor or the debtor.(2)The court may order the postponement of any proceedings brought under this section until the secured creditor has exhausted all other remedies relating to the collateral under this Part or a security agreement.(3)Despite subsection (2), a court may order the parties to resort to alternative forms of dispute resolution including reconciliation, mediation, arbitration and other dispute resolution mechanisms.