Document ID: chunk:federal_register_of_legislation:C2024C00719:section:115:p2
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 115 (pt 2/2)
Character Range: 208110–209098

(including a secured party, but not including the grantor) who is entitled to receive a notice from a secured party under one or more provisions in this Chapter may contract with the secured party out of one or more of those provisions.
 (6) 2 secured parties may contract out of the right of one of the secured parties to receive an amount under subsection 127(6) (payment of enforcing party's expenses) from the other secured party.

Contracting out in relation to controllers (other than receivers etc.)
 (7) Subject to subsections (2), (3), (5) and (6), the parties to a security agreement may contract out of the application under subsection 116(2) of any provision of Part 4.3 (seizure and disposal or retention of collateral) in relation to property.
Note: Subsection 116(2) provides for the application of this Chapter while a person is a controller of the property other than a receiver, or a receiver and manager, of the property within the meaning of the Corporations Act 2001.