Secured Transactions Act · s 66

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s 66Collateral at risk

(1)

Notwithstanding section 63, a secured party may take possession of the collateral, with or without leave of the Court, and sell the collateral when —

(a)

the debtor is in default under the security agreement; and

(b)

the collateral is at risk.

(2)

In subsection (1), collateral is at risk if the secured party has reasonable grounds to believe that the collateral has been or will be destroyed, damaged, endangered, disassembled, removed, concealed, sold or otherwise disposed of contrary to the provisions of the security agreement.