This Part   deals with the seizure and disposal or retention of collateral following default by a debtor under a security agreement.

Division   2 contains rules about when and how a secured party may seize collateral.

Division   3 deals with the disposal of collateral by a secured party after seizure of the collateral.

Division   4 deals with the retention of collateral by a secured party after seizure of the collateral.

If a secured party proposes to dispose of, or retain, collateral, the party must give notice to the grantor and any other secured party with a security interest in the collateral that has a higher priority. A notice of disposal may be given in the approved form, while a notice of retention must be given in the approved form.

A person may object if a secured party proposes to enforce a security interest by purchasing or retaining the collateral (see Division   5).

A person exercising or discharging rights, duties and obligations arising under this Part   must act honestly and in a commercially reasonable manner (see section   111).