The Sri Lankan Parliament has passed the Mortgage (Amendment) Act No. 20 of 2024, signaling a strategic move towards aligning property regulations with contemporary standards, particularly in relation to movable property.
- Title and Commencement: The Act, titled the Mortgage (Amendment) Act, No. 20 of 2024, will come into operation on a date specified by the Minister, with the exception of Section 1, which takes effect upon the Act’s enactment.
- Insertion of Section 68A: A new section, 68A, is inserted immediately after section 68 of the Mortgage Act (Chapter 89). This section stipulates that the provisions of Part III of the Act will only apply to movable property to the extent that they do not conflict with the provisions of the Secured Transactions Act, No. 17 of 2024, following the latter’s enactment.
Link to the Amendment
Sinhala Version – http://documents.gov.lk/files/act/2024/4/20-2024_S.pdf
English Version – http://documents.gov.lk/files/act/2024/4/20-2024_E.pdf
