Part 2Security over Moveable Property
Chapter 1Pledge
Enforcement of pledge
72Secured creditor’s right to protect and manage the property
(1)
A secured creditor who, by virtue of section 68(1), is entitled to sell property is entitled to take reasonable steps to—
(a)
protect, maintain and manage it, and
(b)
preserve its value.
(2)
The right under subsection (1) includes, for example, the right of the secured creditor to—
(a)
effect or maintain an insurance policy in relation to the property,
(b)
settle any liability in relation to the property,
(c)
bring, defend or continue legal proceedings in relation to the property,
(d)
take such other steps as the provider has agreed (whether before or after the pledge becomes enforceable by virtue of section 64(2)) may be taken by the secured creditor.
(3)
Subsection (1) is without prejudice to section 67(2)(b).