(1) A secured party may seize collateral, by any method permitted by law, if the debtor is in default under the security agreement.
Note: For seizure of accessions, see sections 95 to 97.
Seizing intangible property
(2) For the purposes of this Act, unless subsection (3) applies, a secured party may seize intangible property only by giving a notice, stating that the giving of the notice constitutes seizure of the property, to the following persons:
(a) the grantor;
(b) if the intangible property is a licence--either:
(i) the licensor; or
(ii) the licensor's successor.
(3) Intangible property may be seized by another method, if so agreed between:
(a) the parties to the security agreement; or
(b) if the intangible property is a licence--the parties to the security agreement together with the licensor or the licensor's successor.
No perfection by seizure
(4) A secured party who seizes collateral under this section does not perfect the secured party's security interest in the collateral.