Date and place of adoption: December 15, 2010 in Lomé (Togo)
Date of publication in the OHADA Official Gazette: February 15, 2011
Entry into force: May 15, 2011
The Uniform Act organizing securities may be understood as an assignment of assets to a creditor in order to secure the performance of an obligation or a set of obligations. There are essentially three types of securities:
- Personal security, which includes the surety, the guarantee and the autonomous counter-guarantee;
- Securities over movable properties including the right of retention, property withheld or transferred as collateral, pledge and liens;
- Mortgages which are securities over immovable properties.
The UAS of 15 December 2010 repeals and replaces the original Uniform Act of April 17, 1997 organizing securities. It substantially modernizes the legal framework for credit guarantees: the range of collaterals that may be used is widened, the credit information system is modernized and the new UA establishes the profession of security agent, in charge of managing securities for others starting from the creation of securities to their foreclosure. The new law also simplifies the procedures for creating securities while improving efficiency, especially with the provision of alternative mechanisms for enforcing real securities.
The reform of securities law reflects the will of OHADA Member States to strengthen the confidence of economic actors.