Commonwealth Consolidated Acts

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PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 112

Rights and remedies under this Chapter

  (1)   In exercising rights and remedies provided by this Chapter, a secured party may deal with collateral only to the same extent as the grantor would be entitled to so deal with the collateral.

  (2)   However, subsection   (1) does not apply:

  (a)   if the secured party had title to the collateral immediately before starting to exercise any right or remedy provided by this Part; or

  (b)   to the extent that it would otherwise prevent the secured party from dealing with the collateral by way of transfer because a transfer by the grantor would be prohibited or declared to be a default under a security agreement.

Note:   See section   79 (transfer of collateral despite prohibition in security agreement).

  (3)   Without limiting subsection   (1), under this Chapter   a secured party may only seize, purchase or dispose of a licence subject to:

  (a)   the terms and conditions of the licence; and

  (b)   any applicable law of the Commonwealth, a State or a Territory.


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