Goods Mortgages Act 1972

The Goods Mortgages Act 1972 is a legislation that governs the legal process of using goods (personal property) as collateral to secure a loan or credit. It sets out the rules for creating, registering, and executing a mortgage over goods, giving lenders assurance that their security rights are protected. The Act ensures transparency, clarifies the rights of both borrowers and lenders, and provides procedures for foreclosing or recovering goods if the borrower defaults. Essentially, it facilitates the use of personal property as security in commercial transactions while establishing a clear legal framework to protect involved parties.