Secured Transactions Act · 2022 Revised Edition · Part · Enforcement of Security Interests
64. Secured party may render collateral unusable
Official textFrom Attorney General's Chambers, unchanged
A secured party with priority over all other secured parties may render the collateral unusable under section 63 if the collateral is of a kind —
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);
that cannot be readily removed from the premises of the debtor; or
for which adequate storage facilities are not readily available.
Secured Transactions
If subsection (1) applies, the secured party may dispose of the collateral on the premises of the debtor:
collateral
“collateral” means personal property that is subject to a security interest;
Provided that it shall not cause the person in possession of the premises, if other than the debtor, any greater inconvenience than is necessary.
possession
“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;
Terms defined in s 3
collateral
Defined · s 3“collateral” means personal property that is subject to 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