Document ID: chunk:federal_register_of_legislation:C2024C00719:section:123
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 123
Character Range: 222701–223751

123  Secured party may seize collateral
 (1) A secured party may seize collateral, by any method permitted by law, if the debtor is in default under the security agreement.
Note: For seizure of accessions, see sections 95 to 97.

Seizing intangible property
 (2) For the purposes of this Act, unless subsection (3) applies, a secured party may seize intangible property only by giving a notice, stating that the giving of the notice constitutes seizure of the property, to the following persons:
 (a) the grantor;
 (b) if the intangible property is a licence—either:
 (i) the licensor; or
 (ii) the licensor's successor.
 (3) Intangible property may be seized by another method, if so agreed between:
 (a) the parties to the security agreement; or
 (b) if the intangible property is a licence—the parties to the security agreement together with the licensor or the licensor's successor.

No perfection by seizure
 (4) A secured party who seizes collateral under this section does not perfect the secured party's security interest in the collateral.