Section 71
Notice of sale of collateral
(1)
A secured party who intends to sell the collateral under section 66 shall, within 10 working days before selling the collateral, give notice to the persons referred to in section 68.
(2)
Subsection (1) does not apply if —
(a)
the collateral may perish within 10 working days of the repossession;
(b)
the secured party believes on reasonable grounds that the collateral will decline substantially in value if it is not disposed of immediately;
(c)
the cost of care, maintenance and storage of the collateral is disproportionately large in relation to its value;
Secured Transactions
B.L.R.O. 8/2022 41
(d)
the collateral consists of inventory;
(e)
the security interest comprises all, or substantially all, of the assets of the debtor that is a company;
(f)
after the secured party repossesses the collateral, every person entitled to receive notice under subsection (1) consents in writing to the immediate sale of the collateral; or
(g)
a Court grants leave to the secured party to sell collateral under section 66 without complying with subsection (1).
(3)
Where a security interest extends to the collateral and some of which is as described in subsection (2), the secured party may sell the collateral without complying with subsection (1).