Document ID: chunk:federal_register_of_legislation:C2013C00609:clause:2_74
Version: federal_register_of_legislation:C2013C00609
Segment Type: clause
Provision Reference: sch 2 cl 74
Character Range: 117108–118159

74  Section 122
Omit:

      If a secured party proposes to dispose of, or retain, collateral, the party must give notice to the grantor and any other secured party with a security interest in the collateral that has a higher priority.
      A person may object to a proposal by a secured party to enforce a security interest by purchasing or retaining the collateral (see Division 5).
Substitute:

      If a secured party proposes to dispose of, or retain, collateral, the party must give notice to the grantor and any other secured party with a security interest in the collateral that has a higher priority. A notice of disposal may be given in the approved form, while a notice of retention must be given in the approved form.
      A person may object if a secured party proposes to enforce a security interest by purchasing or retaining the collateral (see Division 5).
      A person exercising or discharging rights, duties and obligations arising under this Part must act honestly and in a commercially reasonable manner (see section 111).