Commonwealth Consolidated Acts

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 95

Notice required to be given by secured party

  (1)   A secured party who is entitled to remove an accession from the whole must give notice of the secured party's intention to remove the accession to each of the following persons in accordance with subsections   (2) and (3):

  (a)   the grantor;

  (b)   a secured party with a security interest in the accession that has a higher priority.

  (2)   The secured party must give a notice to a person:

  (a)   at least 10 business days before the day the accession is removed; or

  (b)   if the person has given a written notice to the secured party specifying a smaller number of days to apply for the purposes of this section--at least that number of days before the accession is removed.

  (3)   A notice must contain the following:

  (a)   the name of the secured party giving the notice;

  (b)   a description of the accession and of the other goods;

  (c)   a statement of the obligation owed to the secured party, and the value of the accession if the accession were removed from the other goods;

  (d)   a statement of intention to remove the accession, unless the obligation secured by the security interest in the accession is discharged, or the value of the accession is paid, before the end of the period to which subsection   (2) applies.

  (4)   The notice may be given in the approved form.

When notice is not required

  (5)   The secured party is not required to give a notice to a person under subsection   (1) if, after the debtor defaults, the person gives written consent to the secured party to remove the accession without receiving a notice.

  (6)   The secured party is not required to give a notice to any person under subsection   (1) if:

  (a)   the secured party believes on reasonable grounds that the accession will decline substantially in value if it is not disposed of immediately after default; or

  (b)   the cost of expenses for the retention of the accession that are secured against the accession is disproportionately large in relation to its value.

Note:   In addition, a secured party is not required to give a notice in any of the circumstances set out in section   144 (when certain enforcement notices are not required).

  (7)   A person is not entitled to a notice under subsection   (1) in relation to an accession to goods only because the person has an interest in another accession to the same goods.