Article 29 of the Saudi Law on Security Rights in Movable Assets
المادة 29 من نظام ضمان الحقوق بالأموال المنقولة · الفصل العاشر: أحكام ختامية
The article provides that the Law on Security Rights in Movable Assets takes effect from the date of its publication in the Official Gazette.
Official text (Arabic)
This article has not been amended since the law was issued.
يعمل بالنظام من تاريخ نشره في الجريدة الرسمية.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 29 explained in plain English
This article sets the start of the Law's operation, and its rule is simple: the Law takes effect from the date of its publication in the Official Gazette.
What does this mean?
- There is no gap between publication and effect, so the Law is in force from the day it is published.
- This date fixes when the Law's provisions begin to apply, such as those on creating a security right, making it effective, registering it, its priority, and enforcing against the collateral.
- The text shown here does not include the publication date itself, so to learn it you must refer to the Law's issuance details.
Relationship to Article 28: Article 28 requires the Minister of Commerce to issue the Implementing Regulations within thirty days of the date the Law is published, including the procedures for registration and searching the registry and the fees for its services. So the publication date is the starting point for two things: the Law's taking effect under this article, and the start of the period for issuing the Regulations under Article 28.
This article contains no transitional provisions for security rights that arose before the Law took effect, so no rule on those rights can be drawn from it. If you have a question about whether the Law applies to a transaction made before or after it took effect, it is advisable to consult a lawyer specialized in commercial and finance matters.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 29 of the Saudi Law on Security Rights in Movable Assets
When does the Law on Security Rights in Movable Assets take effect?
The Law takes effect from the date of its publication in the Official Gazette.
Is there a grace period between publication and effect?
No, the article provides that the Law takes effect directly from the date of its publication.
More articles on Definitions and Scope of the Law
- Article 1Amended by M/191
The article defines the key terms of the Law on Security Rights in Movable Assets, such as security right, collateral, grantor, secured party, Registry, registration, real estate by designation and proceeds.
يُقصد بالألفاظ والعبارات الآتية -أينما وردت في هذا النظام- المعاني المبينة أمام كل منها: النظام: نظام ضمان الحقوق بالأموال المنقولة. اللائحة: اللائحة التنفيذية
- Article 2
The article applies the Law to any contract or transaction creating a security right over collateral, including commercial pledge, sale with repurchase, transfer of title for security, retention of title, assignment security and sale of receivables.
تسري أحكام النظام على أي عقد أو معاملة تتضمن إنشاء حق ضمان على الضمانة، ويشمل ذلك بوجه خاص الآتي: أ- الرهن التجاري. ب- بيع المال المنقول المتضمن شرطًا باسترداده
- Article 4
The article excepts two transactions from the Law: assignment of a right for debt collection purposes, and purchase of a debt that is part of an agreement to acquire a business.
لا تسري أحكام النظام على المعاملتين الآتيتين: أ- حوالـة الحـق لغايات تحصيل الديون. ب- شراء دين يكون جزءًا من اتفاقية تملك مشروع.
- Article 5
The article excepts from the Law security rights over ships, aircraft, listed securities, trademarks, investment accounts, assets with ownership registries, and goods in public warehouses unless the right preceded deposit.
لا تسري أحكام النظام على حقوق الضمان المتعلقة بالآتي: أ- السفن، والطائرات. ب- الأوراق المالية المدرجة في السوق المالية. ج- البضائع المودعة في المخازن العامة ما
- Article 28
The article requires the Minister of Commerce to issue the Regulations within thirty days of the Law's publication, covering in particular registration procedures, searching the registry and obtaining extracts, and the fees for registry services.
يصدر الوزير اللائحة خلال (ثلاثين) يومًا من تاريخ نشر النظام في الجريدة الرسمية، على أن تتضمن بوجه خاص الآتي: أ- إجراءات الإشهار. ب- إجراءات البحث في السجل والحص
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.