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Difference between revisions of "Creditors' Remedies against Debtors (10:III)"
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Creditors' Remedies against Debtors (10:III) (view source)
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=== 4. Methods of Perfection === | === 4. Methods of Perfection === | ||
i) '''perfection by possession of collateral applies to all forms of security interests (s 24)'''; | *i) '''perfection by possession of collateral applies to all forms of security interests (s 24)'''; | ||
ii) '''perfection by registration'''. Subject to s 19, registration of a financing statement perfects a security interest in collateral. (s 25); and | *ii) '''perfection by registration'''. Subject to s 19, registration of a financing statement perfects a security interest in collateral. (s 25); and | ||
iii) '''temporary perfection''' (ss 5(3), 7(3), 26, 28(3), 29(4) and 51). | *iii) '''temporary perfection''' (ss 5(3), 7(3), 26, 28(3), 29(4) and 51). | ||
=== 5. Remedies === | === 5. Remedies === | ||
Where a debtor defaults on a security agreement, s 56 provides that the only rights and remedies the secured party has against the debtor are those provided in the security agreement (as long as they do not derogate those rights given to the debtor by the ''PPSA''), as well as those specifically provided by the ''PPSA'' (s 17 and ss 36 – 38). | Where a debtor defaults on a security agreement, s 56 provides that the only rights and remedies the secured party has against the debtor are those provided in the security agreement (as long as they do not derogate those rights given to the debtor by the ''PPSA''), as well as those specifically provided by the ''PPSA'' (s 17 and ss 36 – 38). | ||
