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CLL805Law3 Unitsintermediate

CLL805 LAW OF SECURED CREDIT TRANSACTIONS I.pdf

This course provides an in-depth exploration of the laws governing secured credit transactions in Nigeria. It covers key legislation such as the Companies and Allied Matters Act, the Land Use Act, and the Secured Transactions in Movable Assets Act. Students will learn about the concepts, principles, and nature of secured credit transactions, including debt financing options, security interests, and priority of interests. The course also examines possessory and non-possessory security, mortgages, and enforcement mechanisms.

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156h
Study Time
13
Weeks
12h
Per Week
none
Math Level
Course Keywords
Secured Credit TransactionsSecurity InterestMortgagesCollateralNigerian Law

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📚
Math Level
No Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Companies and Allied Matters Act

2

Land Use Act

3

Banks and Other Financial Institutions Act

4

Secured Transactions in Movable Assets Act

5

Types of Creditors

6

Debt Financing Options

7

Concept of Security

8

Nature of Security Interest

9

Priority of Security Interests

10

Pledge

11

Lien

12

Mortgages

13

Enforcement of Security Interests

Total Topics13 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assignments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Legal Practitioner

Apply your skills in this growing field

Corporate Counsel

Apply your skills in this growing field

Bank Manager

Apply your skills in this growing field

Loan Officer

Apply your skills in this growing field

Credit Analyst

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

BankingFinanceReal EstateCorporate LawAgribusiness

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Major Laws Regulating Secured Credit Transactions

2h

Unit 1: Companies and Allied Matters Act, CAP C20 LFN 2004

2 study hours
  • •Read the introduction to CAMA 2020 and understand its role in regulating corporate activities.
  • •Identify the principal requirements for company formation and registration.
  • •Analyze the inherent statutory power of companies to borrow money and charge assets.
Week
2

Module 1: Major Laws Regulating Secured Credit Transactions

2h

Unit 2: Land Use Act, CAP L5 LFN 2004

2 study hours
  • •Study the vesting provision (Section 1) and consent provision (Section 22) of the Land Use Act.
  • •Analyze the impact of the LUA on land transactions and secured credit.
  • •Understand the role of the Governor as the head trustee of lands.
Week
3

Module 1: Major Laws Regulating Secured Credit Transactions

2h

Unit 3: Banks and Other Financial Institutions Act CAP B2 LFN 2011

2 study hours
  • •Examine the role of BOFIA in regulating banking business and credit extension.
  • •Understand the requirements for granting loans and obtaining security.
  • •Analyze the provisions protecting bankers' rights in motor vehicle financing.
Week
4

Module 1: Major Laws Regulating Secured Credit Transactions

2h

Unit 4: Bills of Sale Law Lagos State

2 study hours
  • •Explore the application of the Bills of Sale Law in regulating security in movable assets.
  • •Differentiate between absolute and conditional bills of sale.
  • •Understand the limitations of the Bills of Sale Law compared to STMA and CAMA.
Week
5

Module 1: Major Laws Regulating Secured Credit Transactions

2h

Unit 5: Secured Transactions in Movable Assets Act 2017

2 study hours
  • •Identify the STMA 2017 as the primary law regulating security interest in personal property.
  • •Understand the objectives of the STMA, including facilitating access to credit and perfection of security interests.
  • •Analyze the limitations of the STMA and its application to financial institutions.
Week
6

Module 1: Major Laws Regulating Secured Credit Transactions

2h

Unit 6: Agricultural Credit Guarantee Scheme Fund Act CAP A11 LFN 2004

2 study hours
  • •Discuss the Agricultural Credit Guarantee Scheme Fund Act and its role in encouraging credit flow to agribusiness.
  • •Understand how the fund provides guarantees for loans granted for agricultural purposes.
  • •Analyze the limitations of the law in providing complete support to Nigerian farmers.
Week
7

Module 2: The Concept of Secured Credit Transactions

2h

Unit 1: Types of Creditors

2 study hours
  • •Explain the various ways by which the relationship of creditor and debtor is created.
  • •Explain the difference between, secured creditor and unsecured creditor.
  • •Differentiate between adaptive, semi-adaptive, and involuntary creditors.
Week
8

Module 2: The Concept of Secured Credit Transactions

2h

Unit 2: Debt Financing Options

2 study hours
  • •Identify the different options by which companies finance their operations.
  • •Differentiate between loan capital and debt security.
  • •Study the different types of loan capital, including term loans, revolving loans, and overdraft loans.
Week
9

Module 2: The Concept of Secured Credit Transactions

2h

Unit 3: The Concept of Security

2 study hours
  • •Define security and security interest.
  • •Differentiate and explain the two main categories of security: direct/collateral security.
  • •Explain the reasons why creditors insist on taking security.
Week
10

Module 2: The Concept of Secured Credit Transactions

2h

Unit 4: Types of Assets Amenable to Security Interest

2 study hours
  • •Identify and discuss the various types of assets which can be put forward by the debtor as security for repayment of a debt.
  • •Study the classifications of assets: real and personal property, tangible and intangible assets, fixed and circulating assets, and present and future assets.
Week
11

Module 3: The Nature of Security Interest

4h

Unit 1: How to Identify Security Interest

2 study hours
  • •Discuss the overall nature of security and security interest.
  • •Distinguish proprietary right from security interest.
  • •List the indicia of security interest as distinct from the characteristics of security.

Unit 2: Numerus Clausus and Process of Security Interest

2 study hours
  • •Describe the types of security interests capable of being created under our law.
  • •Appraise the importance of attachment of security interest as a basis for any claim by the secured creditor.
  • •Explain the idea of perfection of security and priorities.
Week
12

Module 3: The Nature of Security Interest

4h

UNIT 3 PRIORITY OF SECURITY INTERESTS

4 study hours
  • •Understand the meaning of priority in the context security interests.
  • •Explain the different bases of priority rule.
  • •Apply the priority rule in practice.
Week
13

Final Revision

6h

Final Revision

6 study hours
  • •Review all modules and units.
  • •Work on assignments and prepare for final examination.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

Access PDF Material

Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create detailed outlines for each module, focusing on key definitions and legal principles.

2

Develop hypothetical scenarios to apply legal concepts related to security interests and priority disputes.

3

Practice analyzing case studies involving secured credit transactions and enforcement actions.

4

Review the specific provisions of CAMA, LUA, BOFIA, and STMA, noting key differences and interrelationships.

5

Create flashcards for legal terms and definitions to aid memorization and quick recall.

6

Allocate specific study time for each module, prioritizing areas of weakness or high complexity.

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