ADVOKS GLOBAL · KENYA
Movable Property Security Rights Act
77. Collection of payment under a receivable, negotiable instrument, right to payment of funds credited to a deposit account or security
Edition: 2022-12-31 · In force
77. Collection of payment under a receivable, negotiable instrument, right to payment of funds credited to a deposit account or security
(1)After default by the grantor, a secured creditor with a security right in a receivable, negotiable instrument, right to payment of funds credited to a deposit account or security is entitled to collect payment from the debtor of the receivable, obligor under the negotiable instrument, depositary bank or issuer of the security.(2)The secured creditor may, with the consent of the grantor, exercise the right to collect under subsection (1) even before default.(3)A secured creditor exercising the right to collect under subsection (1) or (2) is also entitled to enforce any personal or property right that secures or supports payment.(4)The right of the secured creditor to collect under subsections (1) to (3) is subject to sections 59 to 63.