Secured Transactions Act · 2022 Revised Edition · Part · Enforcement of Security Interests
73. Secured party to give statement of account to debtor
Official textFrom Attorney General's Chambers, unchanged
If collateral is sold by a secured party under section 70, the secured party shall, within 15 working days after the sale of the collateral, give the persons referred to in section 68 a statement of account in writing, showing —
collateral
“collateral” means personal property that is subject to a security interest;
the amount of the gross proceeds of sale;
proceeds
“proceeds” means identifiable or traceable personal property received as a result of sale, other disposition, collection, lease or licence of the collateral, including proceeds of proceeds, civil and natural fruits, dividends, distributions, insurance or takaful proceeds and claims arising from defects in, damage to or loss of collateral;
the amount of the costs and expenses of the sale; and
the balance owing by the secured party to the debtor, or by the debtor to the secured party, as the case may be.
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);
Terms defined in s 3
collateral
Defined · s 3“collateral” means personal property that is subject to a security interest;
proceeds
Defined · s 3“proceeds” means identifiable or traceable personal property received as a result of sale, other disposition, collection, lease or licence of the collateral, including proceeds of proceeds, civil and natural fruits, dividends, distributions, insurance or takaful proceeds and claims arising from defects in, damage to or loss of collateral;
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