Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.