Section 23, The Borrowers and Lenders Act, 2014

(1) A security interest in collateral that has been registeredremains effective against third parties and retains its priority notwithstanding a transfer of the collateral. (2) Where a lender transfers the security interest or a part of it, an amendment may be registered disclosing the transfer. (3) Where an interest in part of the collateral is transferred, the amendment form shall contain a description of the collateral in which the interest is transferred. (4) The failure to register an amendment disclosing a transfer under sub-regulations (1) and (2) does not affect the thirdparty effectiveness or priority of a security interest.