Document ID: chunk:federal_register_of_legislation:C2024C00719:section:107
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 107
Character Range: 199748–200430

107  Guide to this Chapter

      This Chapter deals with how to enforce a security interest in personal property. Parties can contract out of some of the provisions of this Chapter.
      Security interests in liquid assets can be enforced by giving a notice to the person who owes an amount to the grantor. Other kinds of assets can be seized and disposed of under Part 4.3. A secured party can also retain or purchase the collateral.
      Proceeds arising from the disposal of collateral must be distributed in accordance with Part 4.4. That Part also contains other rules of general application in relation to the enforcement of security interests.

Part 4.2—General rules