In Malaysia, secured transactions are governed by multiple statutes. Firstly, if the debtor is an incorporated company, the secured transactions framework is governed by the Malaysian Companies Act 1965. If the subject of the security interest is personal property, granted by individuals, the relevant law governing these transactions is the Bills of Sale Act 1950. However, when movable property is used as the subject of a security asset by virtue of a fixed charge, the debtor will not be able to deal with the asset in any way unless they have explicit consent from the creditor. There is no notice-based, centralised register. Rather, there is one registry established by the Companies Act for incorporated companies, and then there are multiple others depending on the type of security assets. This leads to conflicts regarding priorities, and the same asset could be listed in various registers.
Last Checked August 2020
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