The Certificate of Repossession is a critical document used in Nigeria when a creditor needs to formally document the legal repossession of property following a default under a financing agreement. This document is essential for compliance with Nigerian law, particularly the Secured Transactions in Movable Assets Act 2017 and related regulations. It serves multiple purposes: providing legal proof of proper repossession, documenting the condition of the asset at the time of repossession, protecting the creditor's interests, and creating an official record of the repossession process. The Certificate of Repossession typically becomes necessary when all other attempts to resolve a default have been exhausted and the creditor exercises their right to repossess the collateral. It must include specific details about the parties, the defaulted agreement, the repossessed property, and the circumstances of the repossession to be legally valid in Nigerian courts.
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1. Title and Date: Clearly states 'Certificate of Repossession' and the date of execution
2. Parties Identification: Full details of the creditor/lender and debtor, including names, addresses, and registration numbers if applicable
3. Property Description: Detailed description of the repossessed property including all relevant identifiers (serial numbers, registration numbers, make, model, etc.)
4. Loan Agreement Reference: Details of the original loan agreement or security agreement, including date and reference numbers
5. Default Declaration: Statement of the default that led to repossession, including relevant dates and amounts
6. Repossession Details: Specific information about when, where, and how the repossession was carried out
7. Legal Authority: Citation of legal authority under which repossession was conducted
8. Condition Statement: Description of the condition of the property at the time of repossession
9. Certification: Formal certification statement confirming the truthfulness of the information
10. Execution: Signature block for authorized representative of the creditor and witnesses
1. Prior Notices: Section detailing any notices sent to the debtor prior to repossession - include when there's a requirement to document the notice history
2. Third Party Rights: Section addressing any third-party interests or claims in the property - include when there are known third-party interests
3. Valuation Statement: Current market value assessment of the repossessed property - include when required for future sale or legal proceedings
4. Police Report Reference: Details of police report or law enforcement involvement - include when repossession required police presence
5. Storage Location: Details of where the repossessed property is being stored - include when the property is being held in storage
6. Legal Representative Statement: Statement from legal representative confirming proper process - include when repossession was conducted through legal representatives
1. Photographic Evidence: Photographs of the property at the time of repossession, showing condition and identifying features
2. Default Notices: Copies of all default notices and communication sent to the debtor
3. Property Inventory: Detailed inventory of the repossessed property and any contents
4. Condition Report: Detailed report on the condition of the property, including any damage or missing components
5. Chain of Custody: Documentation showing the movement and handling of the property from repossession to storage
6. Original Loan Documentation: Copies of relevant sections of the original loan agreement and security documentation
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Repossession Agent
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