Section 79
Person making objection may be requested by secured party to prove interest
(1)
The secured party may request a person, other than the debtor, who objects to provide proof of the interest of the person.
(2)
If the person to whom subsection (1) applies does not provide proof within 10 working days after the request of the secured party, the secured party may proceed as if no objection were received from the person.
Position where persons entitled to notice do not object to retention of collateral by secured party 80.
(1)
If no notice of objection is received, the secured party shall, at the expiration of the 10 day period referred to in section 79 —
(a)
be deemed to have irrevocably elected to take the collateral in satisfaction of the obligation secured by it; and
(b)
be entitled to hold or dispose of the collateral free from all rights and interests of the debtor and of any person entitled to receive notice under section 71(1).
(2)
All security interests in the collateral that are subordinate to the security interest of the secured party referred to in subsection (1) shall be extinguished.