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