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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Contract registration and perfection: the legal basis for issuing and using warehouse receipt (negotiable/non-negotiable) as security for trade finance: issues under the Nigerian system
Author:Fabunmi, J.O.
Periodical:Lesotho Law Journal: A Journal of Law and Development (ISSN 0255-6472)
Notes:biblio. refs.
Geographic terms:Nigeria
West Africa
suretyship and guaranty
commercial law
domestic trade
Warehouse receipts
Security (Law)
Negotiable instruments
Abstract:Credit creation for financing commodity trade became an important strategy in Nigeria with the collapse of produce marketing boards in the 1980s as a result of the liberalization of government policy. Agricultural producers were forced to explore other possibilities of credit creation to finance their trade. An attractive option was the idea of warehouse receipt/warrant as security for commodity trade. Warehouse receipt/warrant is used to raise credit from the banks to finance commodity trade yet the practice lacks statutory backing. The present practice whereby the rights and the obligations of the parties derive largely from contractual undertaking is inadequate and underscores the urgent need for legislative intervention to control and regulate the practice. This must include such matters as classification of warehouses, rights and obligations of parties, warehouse receipts/warrant, registration and perfection of security documents, such as the pledge, trust receipt, lien, charges and bills of sale, as well as insurance and realization of security in case of default. Notes, ref. [ASC Leiden abstract]