PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 134 Proposal of secured party to retain collateral

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 134

  (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).