Document ID: chunk:federal_register_of_legislation:C2024C00719:section:134
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 134
Character Range: 239811–240580

134  Proposal of secured party to retain collateral
 (1) A secured party may retain collateral if the secured party has seized the collateral in the exercise of a right to seize the collateral on default by the debtor (whether under section 123 or otherwise).
Note 1: This section does not apply in relation to collateral that is used predominantly for personal, domestic or household purposes (see subsection 109(5)).
Note 2: The secured party may act as agent for the grantor in transferring title (see section 141).
 (2) However, the secured party may retain the collateral only if:
 (a) the secured party gives a notice under section 135 to retain the collateral; and
 (b) no notice of objection is given to the secured party in accordance with subsection 137(2).