Commonwealth Consolidated Acts Commonwealth Consolidated ActsStatement of account following disposal
(1) Unless section 144 applies, a secured party must, on request by any other person with a security interest in the collateral, or the grantor, give the person (or grantor) a written statement of account, if the first - mentioned secured party disposes of collateral under section 128 (including by purchasing the collateral in accordance with section 129).
(2) A statement of account under subsection (1) must be given to a person before the end of:
(a) the period of 20 business days after the day the person requests the statement; or
(b) such further period as is reasonable in the circumstances.
Note: The period may also be extended by a court under section 293.
(3) A statement of account under subsection (1) must show:
(a) in the case of a disposal by a lease or licence--the total amount received, and expected to be received, during the period:
(i) starting when the secured party seized the collateral; and
(ii) ending at the end of the lease or licence; and
(b) in any other case--the total amount received from the disposal of the collateral (or in the case of disposal by purchase, paid by the secured party) during the period:
(i) starting when the secured party seized the collateral; and
(ii) ending at the time of the disposal of the collateral; and
(c) in any case--the amount of expenses relating to the disposal; and
(d) any amounts paid to other secured parties; and
(e) the balance owing by the secured party to the grantor, or by the debtor to the secured party, as the case may be.
Statement of account if no disposal
(4) A secured party who has not disposed of collateral before the end of 6 months after the day the collateral is seized must, in accordance with subsections (5) and (6), give a written statement of account for each period of 6 months after seizing the collateral, until the collateral is disposed of.
(5) The statement of account for a 6 month period must be given to any other person with a security interest in the collateral, or the grantor, if the other person (or the grantor) requests the statement for that period.
(6) A statement of account under subsection (4) must be given to a person before the end of:
(a) the period of 20 business days after the day the person requests the statement; or
(b) such further period as is reasonable in the circumstances.
Note: The period may also be extended by a court under section 293.
(7) A statement of account under subsection (4) must:
(a) state that the secured party has not disposed of the collateral; and
(b) show the total amount received in relation to the collateral during the period:
(i) starting when the secured party seized the collateral; and
(ii) ending at the time the statement is given; and
(c) show the amount of expenses relating to the retention of the collateral before the disposal.