Movable Property Security Rights Act, 2017
The Movable Property Security Rights Act, 2017 provides the legal framework that governs use of movable property as collateral in Kenya. The law seeks to promote consistency and certainty in secured financing relating to movable assets and enhance the ability of individual and entities to access credit
Movable Property Security Rights Registry
The MPSR Registry is the official government register of security rights in movable property. It is a notice-based register accessible by the public 24/7. The Registry was established on the 24th May, 2017 and replaced the Chattels Registry.
MPSR Registry is a register of security rights in movable property, in this case the borrower grants a security right over assets in favour of the lender to secure repayment of a loan or debt and possibly other performance obligations to the lender. Note that the MPSR register is not a register of ownership but a way of letting other lenders know that the movable asset in question have security right over them.
MPSR Registry is mandated to perform the following functions:
- To provide for the registration of security rights in movable property.
- Receive, store and make available information relating to registered notices with respect to security rights in movables.
- Implement relevant policies and guidelines.