Federal Law No. 20 of 2016 Concerning mortgaging of movable properties as security for debts
The present law regulates mortgaging of movable properties, i.e. to be secured, whether they are existing tangible and intangible properties or future properties. The law lists the types of movable properties that may and may not be secured. The law provides for the establishment of a security register for the purpose of publicity in accordance with provisions thereof. The law also provides for the requirements of creating and enforcing a security interest against third parties through publicity and consequences. Chapter six covers the right to track the pledged property resulting from publicity and priority.
It is also worth mentioning that this law regulates the pledgee's rights, such as the right to inspect the pledged property and to seek to take possession of the pledged property, etc...
In addition to the aspects mentioned above, it will also be necessary to refer to the importance of the last step, which is enforcement through resorting to the courts. The desired outcome of the present law will not be achieved if this aspect and the aspect of general provisions were overlooked.
View the text of the law