In force2022 Revised EditionCurrent version · 2022 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Secured Transactions Act · 2022 Revised Edition · Part · Enforcement of Security Interests
Secured Transactions Act · 2022 Revised Edition · Part · Enforcement of Security Interests
Official textFrom Attorney General's Chambers, unchanged
A secured party with priority over all other secured parties may, after default, propose to retain the collateral in satisfaction of the obligation secured by it.
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 secured party shall give notice of the proposal to the persons referred to in section 68.
collateral
“collateral” means personal property that is subject to a security interest;
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;
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);
Part