Commonwealth Consolidated Acts

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PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 137

Persons entitled to notice may object to proposal

  (1)   This section applies if:

  (a)   a person is entitled to a notice under section   130 or 135; and

  (b)   a secured party gives the person one of the following notices:

  (i)   a notice under section   130 that the secured party proposes to purchase collateral;

  (ii)   a notice under section   135 that the secured party proposes to retain collateral.

  (2)   Before the end of the day specified in accordance with subsection   130(3) or 135(3), the person may give the secured party a notice (the notice of objection ) objecting to the purchase or retention.

Note:   The secured party may request the person to provide proof of the person's interest under section   138.

  (3)   The secured party must sell or lease the collateral in accordance with section   128 if the secured party is given a notice of objection in accordance with subsection   (2).


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