This Part contains rules about steps to be taken after a security interest in collateral has been enforced.
These rules deal with the following:
(a) the order of distribution of personal property or its proceeds;
(b) the transfer of title to collateral;
(c) redemption of collateral, or the reinstatement of security agreements, before disposal;
(d) when certain enforcement notices are not required.
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).