Commonwealth Consolidated Acts

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Secured party may seize collateral

             (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.

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