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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