What is Secured personal property contract in Cambodia?

A Secured Personal Property Contract in Cambodia is a legal agreement that allows borrowers to use personal property as collateral for loans or credit. This contract is governed by the Law on Secured Transactions, which was enacted in 2007 to enhance access to credit and promote economic development. The law provides a framework for the registration of secured interests, ensuring the rights of both lenders and borrowers are protected. It facilitates the use of movable property, such as vehicles or equipment, as security for financial obligations.