Secured Transactions Act · 2022 Revised Edition · Part · Enforcement of Security Interests
63. General principle of enforceability
Official textFrom Attorney General's Chambers, unchanged
If the debtor is in default, a secured party may —
default
“default” means — (a) the failure to pay or otherwise perform the obligation secured when due; or (b) the occurrence of an event that, under a security agreement, gives a secured party the right to enforce a security interest;
take possession of a collateral; or
without removal, render the collateral unusable under section 64.
A secured party may proceed under this section —
secured party
“secured party” means a person in whose favour a security interest is created, including — (a) a consignor; (b) a financial lessor and a lessor who acquired goods under an operating lease; (c) a transferee of an intangible; (d) a seller who reserved title to the sold goods; or (e) a trustee or agent of the person referred to in paragraphs (a) to (d);
to judicial process; or
without judicial process, if the debtor does not resist the removal of the collateral.
The commencement of enforcement requires registration of the enforcement form which shall identify —
the debtor;
the secured party; and
the collateral against which enforcement is sought.
A prior notice to the debtor is not required for the secured party to repossess or render the collateral unusable under this section.
collateral
“collateral” means personal property that is subject to a security interest;
Terms defined in s 3
collateral
Defined · s 3“collateral” means personal property that is subject to a security interest;
default
Defined · s 3“default” means — (a) the failure to pay or otherwise perform the obligation secured when due; or (b) the occurrence of an event that, under a security agreement, gives a secured party the right to enforce a security interest;
possession
Defined · s 3“possession”, in relation to a secured party, means possession of a collateral that is in the actual or apparent possession or control of the debtor or the debtor’s agent;
secured party
Defined · s 3“secured party” means a person in whose favour a security interest is created, including — (a) a consignor; (b) a financial lessor and a lessor who acquired goods under an operating lease; (c) a transferee of an intangible; (d) a seller who reserved title to the sold goods; or (e) a trustee or agent of the person referred to in paragraphs (a) to (d);
Part