29. Perfection of a security right

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Subject to the provisions of section 4 of this Act, possession of the collateral by the secured party or by any other person on behalf of the secured party, shall perfect a security right in-

(a)

a chattel paper;

(b)

goods;

(c)

an instrument;

(d)

a certified security; and

(e)

money.

(2)

The registration of a security right under Part VI of this Act, shall perfect any type of collateral.

(3)

For the purposes of subsection (1), the collateral shall be actually delivered into the possession and custody of the secured party or his authorized representative, and continue to remain actually, ostensibly and bona fide in such possession, until such time as the secured party seeks to enforce its rights in respect of such collateral.

Read on from s 30

Part V

Priorities

Read on from Part V

Part VI

Registration

Read on from Part VI

Part VII

General Provisions

Read on from Part VII

Part VIII

Repeals and Savings

Read on from Part VIII

Part IX

Interpretation

Read on from Part IX