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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