The Judiciary in partnership with the World Bank conducted a two day training workshop on Movable Property Security Interest Act on Monday 20th November 2017 and Tuesday 21st November 2017 for Honorable Judges of the Supreme Court, the Court of Appeal and the High Court.
The workshop whose main purpose was to introduce Judges to the key principles contained in the Act as well as to the functions of the Collateral Registry and its relationship with other supporting instruments was attended by Judges from Zambia, Canada, and Malawi.
The training workshop that was targeted at Judges of the Supreme Court, the Court of Appeal, and the High Court was facilitated by leading international judicial experts through a combination of presentations, discussions, group exercises and case studies.
The two day Judicial Training Program composed of themes covering the three main elements of secured lending namely:
Secured Transactions International Best Practice
Zambia Movable Property Security Interest Act and Registry System
Adjudication of Secured Lending Disputes
Her Ladyship the Hon. Chief Justice in her remarks that marked the official opening of the workshop said that “indeed, the experience of individuals trying to borrow or access loans from financial institutions is a harrowing nightmare. The state of affairs has been exacerbated by a legal framework that only supported the use of immovable property or fixed assets such as land and buildings as collateral, which many individuals do not have or own.
The coming into effect of the Movable Property (Security Interest) Act will now make it easier for such persons, who do not own real property, to secure a credit line, by facilitating borrowing against various types of personal assets”.