Law library · Sierra Leone · The Borrowers and Lenders Act, 2014
Section 26, The Borrowers and Lenders Act, 2014
Status not yet checkedThe Borrowers and Lenders Act, 2014, Sierra Leone
(1) The borrower, a person with an interest in the collateralor an authorised representative may require the lender to send or
make available the information specified in sub-regulation (2) to the
person making the demand or, if the demand is made by the borrower,
to any person specified by the borrower.
(2) The information that may be demanded pursuant to
sub- regulation (1) may be one or more of the following -
(a) a statement in writing of the amount of the
indebtedness as of the day specified in the
demand; or
(b) a written approval or correction of an itemised
list of collateral as of the day specified in the
demand.
(3) Where a demand is made in accordance with this
Regulation and the lender claims a security interest in—
(a) all of the movable property of the borrower;
(b) all of the movable property of the borrower
other than a specified kind or item of
property; or
(c) all of a specified kind of movable property of
the borrower,
the lender may indicate this in lieu of approving or correcting the
itemised list of the movable property.
(4) A lender shall reply to a request referred to in subregulation (2) not later than ten (10) working days after its receipt.
(5) Where, without reasonable excuse a lender fails to
comply with a request within the time referred to in sub-regulation
(4) or provides a reply that is incomplete or incorrect, the person
who made the demand, in addition to any other remedy, may apply to
the court for an order requiring the lender to comply with the request.
(6) The person to whom a request is made pursuant to
this Regulation may require payment in advance of a fee in the amount
prescribed for each request, but the borrower is entitled to a reply
without charge once every six (6) months.
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