ADVOKS GLOBAL · KENYA
Movable Property Security Rights Act
86. Law applicable to the relationship of third parties and secured creditors
Edition: 2022-12-31 · In force
86. Law applicable to the relationship of third parties and secured creditors
The law applicable to the relationship between the grantor of a security right in a receivable, negotiable instrument or negotiable document and the debtor of the receivable, the obligor under the negotiable instrument or the issuer of the negotiable document is the law applicable to—(a)the relationship between the debtor of the receivable, the obligor under the instrument or the issuer of the document and the holder of a security right in the receivable, instrument or document;(b)the conditions under which a security right in the receivable, instrument or document may be invoked against the debtor of the receivable, the obligor under the instrument or the issuer of the document, including whether an agreement limiting the grantor's right to create a security right may be asserted by the debtor of the receivable, the obligor under the instrument or the issuer of the document; and(c)whether the obligations of the debtor of the receivable, the obligor under the instrument or the issuer of the document have been discharged.