Revised Laws of Saint Lucia (2023)

• 1. Short title and commencement

• 2. Interpretation

• 3. Application and non-application of this Act

• 4. Conflict of laws

• 5. Security interest

• 6. Creation of a security interest

• 7. Obligations that may be secured

• 8. Movable property that may be encumbered

• 9. Requirements for security agreement

• 10. Description of encumbered property in security agreement

• 11. Security interest in identifiable proceeds

• 12. Security interest in goods commingled in a mass or product

• 13. Security interest in trade receivables

• 14. Security interest in receivables, other intangible property or a negotiable instrument

• 15. Security interest in funds credited to a deposit account

• 16. Security interest in goods covered by a document of title

• 17. Security interest in goods used in intellectual property

• 18. Exemption of stamp duty on a security agreement

• 19. Third-party effectiveness of a security interest in encumbered property

• 20. Third-party effectiveness of a security interest in tangible property by possession

• 21. Third-party effectiveness of a security interest in proceeds

• 22. Third-party effectiveness of a security interest in a mass or product to which the security interest extends

• 23. Making a security interest effective against a third party by different methods

• 24. Lapse and re-establishment of third-party effectiveness

• 25. Third-party effectiveness on a change of the applicable law

• 26. Third-party effectiveness of an acquisition security interest in consumer goods

• 27. Third-party effectiveness of a security interest in funds credited to a deposit account

• 28. Third party effectiveness of a security interest in goods covered by a document of title

• 29. Registration of an initial notice

• 30. Registration of an amendment notice

• 31. Registration of a cancellation notice

• 32. Registration of an amendment notice to change the name of the secured creditor

• 33. Authorization by the grantor

• 34. Registered notice dealing with one or multiple security agreements

• 35. Registration of an initial notice before creation of a security interest

• 36. Description of encumbered property in an initial notice or amendment notice

• 37. Identifier of grantor

• 38. Identifier of secured creditor

• 39. Period of effectiveness and extension of period of effectiveness

• 40. Mandatory registration of an amendment notice or a cancellation notice

• 41. Errors in required information

• 42. Post-registration change of identifier of grantor

• 43. Post-registration transfer of an encumbered property

• 44. Establishment of a Register of Security Interests in Movable Property

• 45. Functions of the Registrar of the High Court

• 46. Powers of the Registrar of the High Court

• 47. Delegation of functions and powers

• 48. Maintenance of the Register

• 49. Public inspection and search of the Register

• 50. Integrity of information

• 51. Removal of information from the Register and archive information

• 52. Priority amongst competing security interests created by the same grantor

• 53. Priority amongst competing security interests created by different grantors

• 54. Priority not affected by a change by which a security interest is effective against a third-party

• 55. Priority when one or both security interests is in proceeds

• 56. Priority of security interests in tangible property commingled in a mass or transformed in a product

• 57. Priority of rights of a buyer or other transferee, lessee or licensee of encumbered property

• 58. Rights of a judgement creditor

• 59. Priority of an acquisition security interest

• 60. Priority amongst competing acquisition security interests

• 61. Acquisition security interests and the rights of a judgement creditor

• 62. Security interests in proceeds of movable property subject to an acquisition security interest

• 63. Acquisition security interest extending to a mass or product

• 64. Subordination

• 65. Priority with respect to future advances and future encumbered assets

• 66. Knowledge of existence of a security interest

• 67. Priority of a security interest in a negotiable instrument

• 68. Priority of a security interest in funds credited to a deposit account

• 69. Possession of money subject to a security interest

• 70. Priority of a security interest in tangible property covered by a document of title

• 71. Priority of a security interest in non-intermediated securities

• 72. Obligations of grantor and secured creditor

• 73. Grantor and secured creditor in possession to exercise reasonable care

• 74. Termination of security interest

• 75. Inspection of encumbered property

• 76. Secured creditor to provide information on request

• 77. Representations of grantor of security interest in receivables

• 78. Notification of security interest to debtor of receivables

• 79. Right of secured creditor to payment made with respect to receivables

• 80. Debtor not affected by creation of a security interest in receivables

• 81. Effectiveness of notification of security interest in receivables

• 82. Discharge of a debtor of receivables

• 83. Defences and rights of set-off of a debtor of receivables

• 84. Agreement not to raise defences or rights of set-off

• 85. Modification of agreement giving rise to receivables

• 86. No recovery from secured creditor

• 87. Security interest in a negotiable instrument

• 88. Rights as against a financial institution

• 89. Rights as against an issuer of a document of title

• 90. Rights exercisable after default

• 91. Exercise of rights after default

• 92. Relief for non-compliance

• 93. Termination of enforcement and redemption of encumbered property

• 94. Secured creditor with priority to take over enforcement

• 95. Right of secured creditor to possession of encumbered property after default

• 96. Disposal of encumbered property

• 97. Distribution of proceeds of encumbered property

• 98. Proposal to acquire encumbered property in satisfaction of a secured obligation

• 99. Rights acquired on disposition of encumbered property

• 100. Collection of payment by secured creditor

• 101. Collection of receivables by transferee of receivables

• 102. Priority and enforcement as against securities

• 103. Interpretation of this Part

• 104. Choice of law by grantor and secured creditor

• 105. Law applicable to a security interest in tangible property

• 106. Law applicable to a security interest in intangible property

• 107. Law applicable to a security interest in receivable relating to immovable property

• 108. Law applicable to enforcement of a security interest

• 109. Law applicable to security interest in proceeds

• 110. Application of laws of Saint Lucia on grounds of public policy

• 111. Effect of commencement of insolvency proceedings

• 112. Law applicable to debtor, obligor, issuer and secured creditor

• 113. Law applicable to a security interest in funds credited to a deposit account

• 114. Law applicable to third-party effectiveness of a security interest in certain types of movable property by registration

• 115. Law applicable to a security interest in intellectual property rights

• 116. Law applicable to a security interest in non-intermediated securities

• 117. Duty to act in good faith

• 118. Regulations

• 119. Repeal

• 120. Savings