Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A secured party may, under subsection 128(1), dispose of collateral by purchasing the collateral.
Note: This section does not apply in relation to collateral that is used predominantly for personal, domestic or household purposes (see subsection 109(5)).
(2) However, the secured party may dispose of the collateral by purchasing it only if:
(a) the secured party gives a notice under section 130 stating that the secured party proposes to purchase the collateral; and
(b) no notice of objection is given to the secured party in accordance with subsection 137(2).
(3) Despite subsection 128(2) and section 131, a secured party may purchase collateral only:
(a) by public sale (including auction or closed tender); and
(b) by paying at least the market value at the time of the purchase.
Note: Section 296 deals with the onus of proving matters under this subsection.