Secured Transactions Act · s 65

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s 65Secured party may apply certain collateral in satisfaction of secured obligation

(1)

Notwithstanding section 63, if the debtor is in default, a secured party with priority over all other secured parties may collect and apply an account receivable, investment security, money or negotiable instrument taken as collateral to the satisfaction of the obligation secured by the security interest.

(2)

Unless otherwise agreed, the secured party may notify the account debtor and collect payment.