ARRANGEMENT OF SECTIONS
1. Short title
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)
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]
This Act may be cited as the Hypothecation Act.
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;
(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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