Part 2Security over Moveable Property
Chapter 1Pledge
Enforcement of pledge
I164Enforcement of pledge: general
1
A pledge is enforceable only in accordance with the provisions of this Part.
2
A pledge may be enforced—
a
in such circumstances as are agreed between the provider and the secured creditor, or
b
subject to any such agreement, where there has been a failure to perform the secured obligation.
3
Any agreement under subsection (2)(a) must be in writing.
4
In enforcing a pledge, a secured creditor must conform to reasonable standards of commercial practice.
5
Subsection (2) is subject to sections 55(3), 65 and 66.