SESSIONS ON THE UNIFORM ACT ON SECURITIES

After recalling the prominent place of securities in business law, it has been underlined that Ohada Uniform Act on securities has brought great changes in the extremely sensitive field of business financing.

Innovations

The modification of the rules governing concurrence bonds and corporeal securities appears as the leading innovations.

- Among the innovations in concurrence bonds : some changes in the rules governing surety bonds, the introduction of autonomous guarantees (letters of guaranty).

- Among the modifications and innovations introduced in corporeal securities relating to personalty :

. the inclusion of the possessory lien (before provided for in specific, scattered laws), as a security of general scope;
. the updating of the terms and conditions relating to the pledging of some intangible properties ;
. the important streamlining and updating of liens.

- Among the modifications in the corporeal securities relating to immovable property : the repealing of the rule according to which there was not time-limit for the validity of mortgage registration.

Among The Problem In The Implementation Of This Uniform Act ...

It has been emphasized that some of these implementation problems were due to some missing or unclear provisions (ex : the above-mentioned repealing of the validity of mortgage registration), others were resulting from the ignorance or inappropriate implementation of Ohada law (ex : problems with court mortgages) or else, from the continued, mechanic implementation of previous law (lien on vehicles maintained in contradiction to the new Ohada law standards in this field).