Secured transactions framework in Singapore is governed by multiple statutes. If a company creates a security interest, this transaction is governed by the Companies Act 1967. If individuals or natural persons create security interests, the relevant rules that apply are contained in the Bills of Sale Act 1886. The Hire-Purchase Act 1969 governs any hire-purchase agreements, and conditional sale agreements. There is no unified register for all security interests, and rather, there are various registries specific to the kind of asset being used.
Regarding movable property, it is possible to create fixed charges, floating charges or possessory pledges over movables. Under the floating charge, there is a charge over a class of assets, that may be present or future, and the debtor can usually deal with the assets as he wishes. The law makes provision for non-possessory security interests in most property, including movables, immovables, tangibles or intangibles. However, there are strict formalities regarding the creation and perfection of these interests. For example, every bill of sale must include details of every single specific chattel that will be the subject of the security.
Click Here to Access the Companies Act 1967
Click Here to Access the Bills of Sale Act 1886
Click Here to Access the Hire-Purchase Act 1969
Last Checked August 2020
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