ADVOKS GLOBAL · KENYA
Movable Property Security Rights Act
73. Notice of disposition
Edition: 2022-12-31 · In force
73. Notice of disposition
(1)A secured creditor shall send a notification of its intention to dispose of the collateral to—(a)the grantor and the debtor; and(b)any other secured creditor that registered a notice with respect to the collateral, at least five working days before the notification is sent to the grantor.(2)The notification shall be sent at least five working days before the sale or other disposition, lease or license takes place and shall—(a)identify the grantor and the secured creditor;(b)contain a description of the collateral;(c)provide a statement of the amount required to satisfy the secured obligation including interest and a reasonable estimate of the cost of enforcement;(d)identify the manner of the intended disposition; and(e)provide a statement of the date after which the collateral will be sold or otherwise disposed of, leased or licensed, or the time and place of a public disposition.(3)The notification shall be in the language of the security agreement or such other language that is reasonably expected to inform its recipients about its contents.(4)The contents of a notification providing substantially the information specified in subsection (2) are sufficient, even if the notification includes information not specified in that subsection or minor errors that are not seriously misleading.(5)The notification need not be given if the collateral may perish before the end of ten working days after the secured creditor obtains its possession and may decline in value quickly.