Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A secured party (the retaining party ) who proposes to retain collateral under section 134 must (unless section 144 applies) give a notice of the proposal, in accordance with this section, to:
(a) the grantor; and
(b) if the security interest of the retaining party is not a purchase money security interest--a secured party who, at the time the retaining party gives the notice, has a registration that describes the collateral; and
(c) if the security interest of the retaining party is a purchase money security interest--a secured party over whom (or which) the retaining party has priority under section 62 or 63, but only if, at the time the retaining party gives the notice, the secured party has a registration that describes the collateral.
(2) The secured party must give a notice to a person:
(a) at least 10 business days before the day the first steps are taken to retain the collateral; or
(b) if the person has given a written notice to the secured party specifying a shorter period to apply for the purposes of this section--before the end of that period.
Note: The period mentioned in paragraph (a) may be extended by a court under section 293.
(3) A notice must:
(a) contain the name of the secured party giving the notice; and
(b) contain a description of the collateral; and
(c) state that the secured party proposes to retain the collateral, unless an obligation is performed, or an amount is paid, as mentioned in paragraph (d), on or before a specified day (being a day that is at least 10 business days after the day the notice is given); and
(d) state the obligation to be performed, or the amount of the payment required, before the day specified in accordance with paragraph (c), to satisfy the obligation secured by the security interest in the collateral; and
(e) contain details of rights of objection under Division 5; and
(f) contain the address to which a notice of objection may be given under section 137; and
(g) contain any other matter required by the regulations for the purposes of this subsection.
(4) The notice must be given in the approved form.