Commonwealth Consolidated Acts

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 124

  (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.