Section 63: Interpretation

(1) In this Act-
"Account Receivable" means a right to receive value arising from an obligation owed by an account debtor to the grantor including book debts but excluding a negotiable instrument ;
"Amendment Financing Statement" means a form in which information is entered to update the initial financing statement;
"Borrower" means a person to whom credit is extended with a financial obligation to repay under a Security Agreement;
"Central Bank" means Central Bank of Nigeria;
"Registrar" means the Registrar of the Collateral Registry;
"Collateral' means movable property, whether tangible or intangible, that is subject to a security interest;
"Confirmation Statement" means a certificate issued by the Collateral Registry confirming the registration number, date and time of a registration;
"Consumer Goods" means goods that the debtor uses or intends to use primarily for personal, family or household purpose;
"Creditor" refers to the person granting a facility on the back of a security interest created under this Act;
"Equipment" means machinery or other capital goods used in the operation of the grantor's business;
" Farm Products" include-
(a) crops grown, growing, or to be grown ;
(b) fish stocks;
(c) livestock, poultry and their unborn offspring;
(d) seeds, fertilizers, manure and supplies used or produced in a farming operation; and
(e) products of crops and livestock in their unprocessed states;
"Financial Institution" means banks, body, association or group of persons, whether corporate or incorporate which carries on the business of investment and securities, a discount house, insurance institutions, debt factorisation and convention firms, bureau de change, finance company, primary mortgage institutions, money brokerage firm whose principal business includes factoring, project financing, equipment leasing, debt administration, fund management, private ledger service, investment management, local purchase order, financing export finance, project consultancy, financial consultancy, pension funds management and such other business as the Central Bank, or other appropriate regulatory authorities may designate;
"Finance Lease" means a lease which transfers ownership of the asset to the lessee at the end of the lease term;
"Financing Statement" means the prescribed forms on which information is provided to effect a registration under this Act or any regulation made hereunder;
"Goods" means tangible movable property and include farm products, inventory, equipment, consumer goods, trees that have been severed and oil, gas or minerals that have been extracted;
"Gorvernor" means Governor of the Central Bank of Nigeria;
"Grantor" means a person that has rights in the collateral, and includes a grantor of any type of security interest in the form of a charge, chattel mortgage, pledge or lien in movable property;
"Initial Financing Statetnent" means financing statement in the prescribed form that a person originally submits to the Collateral Registry for registration ;
"Initial Financing Statement Registration Number" means the number assigned to the initial financing statement by the Collateral Registry on its registration that is permanently associated with such financing statement;
"Inventory" means goods that are:
(a) held for sale or lease in the ordinary course of business; and
(b) raw materials or work in progress;
"Movable Assets" means tangible or intangible property other than real property;
"Operating Lease" means an agreement between two parties whereby the lessor allows the lessee to use its asset for a specific period of time in exchange for periodic fees;
"Proceeds" means identifiable or traceable movable asset received as a result of sale, other disposition, collection, lease or licence ofthe collateral, including natural fruits, distributions, insurance payments and claims arising from defects in, damage to or loss of collateral;
"Purchase Money Security Interest" means:
(a) a right in collateral taken or retained by the seller to secure all or part of its purchase price;
(6) a right taken by a person who provides credit to enable the grantor to acquire the collateral if such credit is in fact so used ; and
(c) a right of a financial lessor.
"Registration" means the processing of a financing statement to bring it in compliance with the requirements of this Act;
"Registry" means the Collateral Registry established under section 10 (1) of this Act;
"Security Agreement" means an agreement in any form and howsoever entitled entered into between the grantor and the creditor that creates a security interest under this Act;
"Security Interest" means a property right in collateral that is created by agreement and secures payment or other performance of an obligation, regardless of whether the parties have denominated it as a security interest but it does not include a personal right against a guarantor or other person liable for the performance of the secured obligation;
"Serial-numbered Goods" means movable property that have a serial or identification number permanently marked on or attached to its body frame by the manufacturer limited to motor vehicles, planes, and boats that are not held as inventory;
"Serial Number" means an identification number marked or attached to the body frame of a movable property by the manufacturer;
(2) For the purposes of this Act, the determination of whether goods are consumer goods, equipment, farm products or Inventory is to be made at the time when the security Agreement is concluded and the creditor may rely on the representations of the Grantor as to the intended use.