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Law library · Sierra Leone · The Borrowers and Lenders Act, 2014

Section 10, The Borrowers and Lenders Act, 2014

Status not yet checkedThe Borrowers and Lenders Act, 2014, Sierra Leone

(1) The registration of an initial form under these Regulations shall be ineffective unless authorised in writing by the borrower. (2) Registration of an interest of a judgment creditor under subsection (1) of section 31 of the Act, shall be authorised by the judgment or order. (3) The registration of an amendment form that adds collateral, other than proceeds not included in the credit agreement or which increases the maximum amount secured by the security interest shall be ineffective unless authorised by the borrower in writing. (4) A written credit agreement, executed pursuant to subsection (1) of section 9 of the Act, shall be sufficient evidence of the borrower’s authorisation. (5) The Collateral Registry shall not require evidence of the existence of the borrower’s authorisation.

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