This Act makes provision with respect to agreements for the purposes of lending money and related matters such as debt recovery. A “credit agreement” means an agreement in the nature of a credit facility, a credit transaction, a secured credit guarantee, any combination of these or any other agreement that relates to a transaction, regardless of its form that creates a security interest in movable property to secure all types of obligations, present or future, determined or determinable. A “lender” means a commercial bank or other financial institution licensed by the Bank of Sierra Leone and who, as part of business enters into a credit agreement by advancing loans and other credit facilities including – (a) micro credit facilities; (b) selling goods on credit; (c) providing services on credit; and (d) a financial lessor. The Act also concerns interests affecting land (mortgages) or goods (liens).
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The British set up a trading post near present-day Freetown in the 17th century. Originally the trade involved timber and ivory, but later it expanded into slaves. Following the American Revolution, a colony was established in 1787 and Sierra Leone became a destination for resettling black loyalists who had originally been resettled in Nova Scotia. After the abolition of the slave trade in 1807, British crews delivered thousands of Africans liberated from illegal slave ships to Sierra Leone, particularly Freetown.