Secured Transactions Act · s 80

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s 80Position where persons entitled to notice do not object to retention of collateral by secured party

(1)

If no notice of objection is received, the secured party shall, at the expiration of the 10 day period referred to in section 79 —

(a)

be deemed to have irrevocably elected to take the collateral in satisfaction of the obligation secured by it; and

(b)

be entitled to hold or dispose of the collateral free from all rights and interests of the debtor and of any person entitled to receive notice under section 71(1).

(2)

All security interests in the collateral that are subordinate to the security interest of the secured party referred to in subsection (1) shall be extinguished.