SCHEDULE 12Taking control of goods
Part 2The procedure
Holding and disposal of securities
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(1)
The creditor may sue in the name of the debtor, or in the name of any person in whose name the debtor might have sued, for the recovery of any sum secured or made payable by securities, when the time of payment arrives.
(2)
Before any proceedings under sub-paragraph (1) are commenced or the securities are otherwise disposed of, the enforcement agent must give notice of the disposal to the debtor and any co-owner.
(3)
Regulations must state—
(a)
the minimum period of notice;
(b)
the form of the notice;
(c)
what it must contain;
(d)
how it must be given.
(4)
The enforcement agent may replace a notice with a new notice, subject to any restriction in regulations.
(5)
Any notice must be given within the permitted period.
(6)
Unless extended the permitted period is 12 months beginning with the time of payment.
(7)
Any extension must be by agreement in writing between the creditor and debtor before the end of the period.
(8)
They may extend the period more than once.