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Revised Laws of Saint Lucia (2023)

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15. Security interest in funds credited to a deposit account

(1) Notwithstanding an agreement between the grantor and a financial institution that limits the right of the grantor to create a security interest, a security interest in funds credited to a deposit account is effective.

(2) Notwithstanding subsection (1), a financial institution may pay the secured creditor or provide information about the deposit account to the secured creditor or a third party, if the financial institution agrees to do so.

15. Security interest in funds credited to a deposit account

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

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

121. Transitional

Movable Property (Electronic Access to the Register) Regulations – Section 118

SECURITY INTEREST IN MOVABLE PROPERTY (ELECTRONIC ACCESS TO THE REGISTER) REGULATIONS – SECTION 118