Commonwealth Numbered Acts Commonwealth Numbered Acts(1) In exercising rights and remedies provided by this Chapter, a secured party may deal with collateral only to the same extent as the grantor would be entitled to so deal with the collateral.
(2) However, subsection (1) does not apply:
(a) if the secured party had title to the collateral immediately before starting to exercise any right or remedy provided by this Part; or
(b) to the extent that it would otherwise prevent the secured party from dealing with the collateral by way of transfer because a transfer by the grantor would be prohibited or declared to be a default under an agreement (whether or not a security agreement).
Note: See section 79 (transfer of collateral despite prohibition in security agreement).
(3) Without limiting subsection (1), under this Chapter a secured party may only seize, purchase or dispose of a licence subject to:
(a) the terms and conditions of the licence; and
(b) any applicable law of the Commonwealth, a State or a Territory.