Author (s):
FIASDate:
March 2008Publication (if applicable):
N/AAbstract (if Available):
In 2006, the Government of Nepal enacted the Secured Transactions Act, 2006 (ST Act). The ST Act provides the legal framework for: (i) the establishment of an entity to be called the “Secured Transactions Registration Office;” (hereinafter the “STRO”) (ii) the creation of a registration database in which a public record of obligations secured by movable property can be made; (iii) the establishment of priorities in case multiple obligations of the same security giver are secured by the same collateral; and (iv) a means to uniformly enforce security interests, should the security giver default.Upon the request of the Nepalese government, a World Bank - FIAS-IFC SEDF team visited Nepal from June 3, 2007 to June 15, 2007 to investigate what steps need to be taken in order to implement the ST Act and provide a detailed roadmap for the establishment of the registry.
