Document ID: chunk:federal_register_of_legislation:C2024C00719:section:124
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 124
Character Range: 223751–224427

124  Secured party who has perfected a security interest in collateral by possession or control
 (1) This section applies if:
 (a) a secured party has perfected a security interest in collateral by possession or control of the collateral; and
 (b) the debtor is in default under the security agreement.
 (2) A secured party may seize the collateral under section 123 by giving a notice to:
 (a) the grantor; and
 (b) if the collateral is a licence—either:
 (i) the licensor; or
 (ii) the licensor's successor.
 (3) To avoid doubt, this section applies whether the secured party has perfected the security interest only by possession or control, or by another method as well.