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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)
Revision as of 22:00, 2 October 2022
, 22:00, 2 October 2022→a) Secured Party’s Remedies
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==== a) Secured Party’s Remedies ==== | ==== a) Secured Party’s Remedies ==== | ||
Section 67(1) lists the options available to a secured party. | Section 67(1) lists the options available to a secured party. The secured party may elect to pursue one of the following remedies: | ||
*seize or repossess the goods (s 58); | *seize or repossess the goods (s 58); | ||
*enact the voluntary foreclosure remedy (s 61) (discussed above); | *enact the voluntary foreclosure remedy (s 61) (discussed above); | ||
| Line 173: | Line 173: | ||
*the amount of the obligation that has been discharged; | *the amount of the obligation that has been discharged; | ||
*the reasons for default; and | *the reasons for default; and | ||
*the current and future financial circumstances of the parties. | *the current and future financial circumstances of the parties. | ||
==== b) Disqualification from “Seize or Sue” and Leases ==== | ==== b) Disqualification from “Seize or Sue” and Leases ==== | ||