SCHEDULES
C1SCHEDULE 12Taking control of goods
Part 2The procedure
Abandonment of securities
55
Paragraphs 56 and 57 apply to securities as controlled goods.
56
1
Securities are abandoned if the enforcement agent does not give the debtor or any co-owner notice under paragraph 49 (notice of disposal) within the permitted period.
2
Securities are abandoned if they are not disposed of in accordance with a notice of disposal under that paragraph.
3
Regulations may prescribe other circumstances in which securities are abandoned.
57
1
If securities are abandoned then, in relation to the enforcement power concerned, the following apply—
a
the enforcement power ceases to be exercisable;
b
as soon as reasonably practicable the enforcement agent must make the securities available for collection by the debtor, if he removed them from where he found them.
2
Where the enforcement power was under a writ or warrant, sub-paragraph (1) does not affect any power to issue another writ or warrant.
Sch. 12 applied (prosp.) by Finance Act 2008 (c. 9), ss. 127(2), 129(4)