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Business Security Act
B.E. 2558 (2015)
_________________
Bhumibol Adulyadej, Rex.
Given this 31st day of October 2015,
Being the 70th year of the present Reign.
His Majesty King Bhumibol Adulyadej has been graciously pleased to proclaim
that,
Whereas it is deemed expedient to enact a law governing business security,
Be it, therefore, enacted by H.M. the King, by and with the advice and consent of
the National Legislative Assembly, as follows:
Section 1. This Act shall be called "Business Security Act B.E. 2558".
Section 2. This Act shall be enforced after the lapse of two hundred and forty
days from the date of its publication in the Government Gazette onwards, except Section 3,
Section 4, Section 15, Section 54, Section 55, Section 56, Section 57, Section 58, and Section 59,
which shall be enforced on and from the day following the date of publication of this Act in the
Government Gazette onwards.
Section 3. In this Act,
"business" means any property which a security provider uses in business
operation and any account receivable in relation to that business operation which the security
provider has granted a security right over to secure a payment or other performance of
obligation, whereby the title or rights of claims of such property could be transferred by the
security provider to a third party in a manner that the operation of the business, whether in
whole or in part, could be resumed instantaneously by the transferee.
"registered property" means a property prescribed by law that it be registered.
"Registration Officer" means the Business Security Registration Officer.
"Registrar" means the person who has the powers and duties to effect the
registration under the law.
"security enforcer" means a person or several persons that the security provider
and the security receiver have agreed to be the security enforcer in the case of using business
as a security.
"licensee" means a person who is licensed to act as a security enforcer under this
Act.
"financial institution" means:
(1) a financial institution under the law governing financial institution business;
(2) a company licensed to conduct life insurance under the law governing life
insurance, and a company licensed to conduct non-life insurance under the law governing
non-life insurance;
(3) a bank or a financial institution established under specific law.
"account receivable" means a right to receive payment and other rights, but does
not include right of claim arising from financial instruments.
"Minister" means the Minister who has charge and control of the execution of this
Act.
Section 4. The Minister of Finance and the Minister of Commerce shall have
charge and control of the execution of this Act, and shall be empowered to issue Ministerial
Regulations fixing fees not exceeding the rates annexed hereto, exempt fee, and to prescribe
other businesses, or to issue Notifications for the carrying out of this Act, however, in the part
relating to their respective powers and duties.
Such Ministerial Regulations shall be enforced upon their publication in the
Government Gazette.
Chapter 1 Business Security Agreement
_____________________
Section 5. A business security agreement is an agreement whereby a contracting
party called "security provider" has placed a property with the other contracting party called
"security receiver" as a security to secure a payment or other performance of obligation, where
the security provider may not be required to give up possession over the said property to the
security receiver.
The security provider may place his own property as a security to secure a
payment or other performance of obligation of another person.
Section 6. The security provider may be an ordinary person or a juristic person.
Section 7. The security receiver must be a financial institution or other person as
prescribed in the Ministerial Regulations.
Section 8. For the purpose of this Act, property includes:
(1) Business;
(2) Account Receivable;
(3) Movable property used by the security provider in business operation, such
as, machinery, inventory, or raw materials used in the manufacture of goods;
property at any time before the disposition of the secured property or before the secured
Section 29. The security receiver shall have the right to receive repayment of
debt from the secured property before any ordinary creditor, whether or not the right in the