Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A secured party may retain collateral if the secured party has seized the collateral in the exercise of a right to seize the collateral on default by the debtor (whether under section 123 or otherwise).
Note 1: This section does not apply in relation to collateral that is used predominantly for personal, domestic or household purposes (see subsection 109(5)).
Note 2: The secured party may act as agent for the grantor in transferring title (see section 141).
(2) However, the secured party may retain the collateral only if:
(a) the secured party gives a notice under section 135 to retain the collateral; and
(b) no notice of objection is given to the secured party in accordance with subsection 137(2).