74. Repeals and savings

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

(1)

The Secured Transactions Act, No.49 of 2009

(hereinafter referred to as the “repealed Act”) is hereby repealed.

(2)

Notwithstanding the repeal of the repealed Act-

(a)

a security right that was registered under the repealed Act and subsisting on the day immediately preceding the appointed date shall continue to be a valid security right, for the purpose of satisfying the requirements specified in paragraph (b) of section 4 of this Act; and

(b)

any civil or criminal proceeding instituted under the repealed Act and pending on the day immediately preceding the appointed date in relation to an instrument creating-

(i)

a pledge, mortgage or bill of sale of any movable property; or

(ii)

(A)

an interest in a fixture of any immovable property; or

(B)

an assignment of a right to payment under a mortgage, charge or lease of any immovable property, where the assignment does not convey or transfer the assignor’s interest in the immovable property, which has been registered under this Act in terms of section 9 of the Registration of

Documents (Amendment) Act, No. 18 of 2024

shall be deemed to have been instituted under this Act.

Part IX

Interpretation

Read on from Part IX