Uniform act on security interests

This uniform act (AUS) organises the guarantees a creditor can take to secure a loan or claim. It replaced the 1997 act and came into force on 15 May 2011. It distinguishes personal guarantees (suretyship, independent guarantees and counter-guarantees), security over movable assets (right of retention, retention or transfer of title as security, pledge of tangible movables, charges over receivables, bank accounts, businesses or shareholdings) and mortgages over real property. The revision widened the range of available securities, strengthened registration in the trade and personal property credit register (RCCM) and created the security agent, who can hold and manage collateral on behalf of a pool of lenders. The act is central to bank lending to businesses in Gabon.