Section 51: Applicable law

(1) The law applicable to the creation, perfection and priority of a security interest in tangible property when the tangible asset is located in Nigeria is this Act.
(2) If the tangible asset is of a type ordinarily used in more than one country, this Act applies if the Grantor is located in Nigeria.
(3) The law applicable to the creation, perfection and priority of a security interest in an intangible asset when the Grantor is located in Nigeria is this Act.
(4) The law applicable to the creation, perfection and priority of security interest in proceeds is the law applicable to the creation, perfection and priority of the security interest in the original collateral from which the proceeds arose.
(5) The law applicable to issues relating to the enforcement of a security interest in tangible goods is the law of the state where enforcement takes place.
(6) The law applicable to issues relating to the enforcement of a security interest in intangible assets is the law of the state where the Grantor is located.