PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 124 Secured party who has perfected a security interest in collateral by possession or control
PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 124
Secured party who has perfected a security interest in collateral by possession or control(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:
(b) if the collateral is a licence--either:
(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.