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Section 27, The Payment Systems Act, 2009

Status not yet checkedThe Payment Systems Act, 2009, Sierra Leone

(1) In the event that a participant fails to settle, collateralsecurity shall immediately be called to settle the obligation. (2) The rights and remedies of a participant in a Central Bank system or a designated system in respect of collateral granted to it as security for a payment or the performance of an obligation incurred in a Central Bank system or designated system shall not be the subject of any stay provisions or other court order affecting the ability of creditors to exercise rights and remedies with respect to the collateral.

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