Secured Transactions Act · 2022 Revised Edition · Part · Enforcement of Security Interests
68. Duty of secured party selling collateral
Official textFrom Attorney General's Chambers, unchanged
A secured party who exercises a power of sale of the collateral under section 66 shall have a duty to obtain the best price reasonably obtainable at the time of sale to —
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);
the debtor;
any person who has registered a financing statement in the collateral that is effective at the time the secured party repossessed the collateral; and
financing statement
“financing statement” means forms in writing or their electronic equivalent as provided in the regulations on which information is provided in order to effect, amend, terminate or continue a registration;
any person who has given the secured party notice that that person claims an interest in the collateral.
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;
financing statement
Defined · s 3“financing statement” means forms in writing or their electronic equivalent as provided in the regulations on which information is provided in order to effect, amend, terminate or continue a registration;
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