CHAPTER 46:05
HYPOTHECATION

 

ARRANGEMENT OF SECTIONS

 

   SECTION

 

 

 

   1.   Short title

 

   2.   Interpretation

 

   3.   Loans and advances secured by hypothec

 

   4.   Loans and advances secured by cession of hire-purchase contract

 

   5.   Marking of hypothecated property

 

   6.   Sale of produce or goods to or through a buyer

 

   7.   Payment by a buyer to an authorized creditor

 

   8.   Special provision where buyer is a co-operative

 

   9.   Foreclosure of hypothec and hire-purchase contract

 

   10.   Sale of property

 

   11.   Allocation of proceeds of sale

 

   12.   Documents to be prepared by authorized creditor

 

   13.   This Act in addition to Agricultural Charges Act (Cap. 35:01)

 

   14.   Regulations

 

 

Act 40, 1977,
Act 40, 1978.

An Act to provide for the securing of loans, advances and debts by hypothec granted over movable property.

[Date of Commencement: 29th September, 1977]

 

1.   Short title

   This Act may be cited as the Hypothecation Act.

 

2.   Interpretation

   In this Act, unless the context otherwise requires-

   "agricultural produce" means crops or agricultural produce, whether future, growing or severed from the land, and after severance whether subjected to any treatment or manufacture or not; livestock and the produce and progeny thereof; and other agricultural or horticultural produce whether subjected to any treatment or manufacture or not;

   "authorized creditor" means a person authorized by regulations to be a person empowered to take security by way of hypothec under the provisions of this Act;

   "buyer" means a person to whom or through whom agricultural produce is required to be sold in accordance with the provisions of section 6;

   "livestock" includes-

 

   (a)   any bovine animal, horse, ass, mule, sheep, goat or pig;

 

   (b)   any fowl, goose, duck or turkey kept for commercial purposes;

   "loan" includes the contracts known in Setswana as "go fisa", and any similar contract.

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