Secured Transactions Act · 2022 Revised Edition · Part · Enforcement of Security Interests
80. Position where persons entitled to notice do not object to retention of collateral by secured party
Official textFrom Attorney General's Chambers, unchanged
If no notice of objection is received, the secured party shall, at the expiration of the 10 day period referred to in section 79 —
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);
be deemed to have irrevocably elected to take the collateral in satisfaction of the obligation secured by it; and
be entitled to hold or dispose of the collateral free from all rights and interests of the debtor and of any person entitled to receive notice under section 71(1).
All security interests in the collateral that are subordinate to the security interest of the secured party referred to in subsection (1) shall be extinguished.
security interest
“security interest” means a property right in personal property that is created by agreement and secures payment or other performance of an obligation, regardless of whether the parties have denominated it as a security interest, and includes the right of a seller in an instalment sale or a sale with retained title, but it does not include a personal right against a guarantor or other person liable for the payment of the secured obligation;
Terms defined in s 3
collateral
Defined · s 3“collateral” means personal property that is subject to a security interest;
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);
security interest
Defined · s 3“security interest” means a property right in personal property that is created by agreement and secures payment or other performance of an obligation, regardless of whether the parties have denominated it as a security interest, and includes the right of a seller in an instalment sale or a sale with retained title, but it does not include a personal right against a guarantor or other person liable for the payment of the secured obligation;
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