Security over movable assets in the UAE
The UAE Federal Government, with an aim towards providing an effective and well organised process for taking security over movable assets, introduced UAE Federal Law No. 20 of 2016 on Mortgage of Movable Assets (“Mortgage Law”). The provisions of the Mortgage Law became effective from 15th March, 2017 and provides that executive regulations will be issued within a period of six months from 15th March, 2017. The executive regulations are expected to provide further details in relation to the scope, application and enforcement of the Mortgage Law (including the implementation of a security register).
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