SCHEDULES

C1C4C3C2 SCHEDULE 12Taking control of goods

Annotations:
Modifications etc. (not altering text)
C4

Sch. 12 applied (6.4.2014) by Finance Act 2008 (c. 9), ss. 127(2), 129(4); S.I. 2014/906, arts. 2, 3

C4Part 2The procedure

Holding and disposal of securities

I6C447

Paragraphs 48 and 49 apply to securities as controlled goods.

I4I2C448

1

Regulations may make provision about how securities are to be held and disposed of.

2

In this Schedule, references to disposal include, in relation to securities, realising the sums secured or made payable by them, suing for the recovery of those sums or assigning the right to sue for their recovery.

3

Regulations may in particular make provision for purposes corresponding to those for which provision is made in this Schedule in relation to the disposal of other controlled goods.

4

The power to make regulations under this paragraph is subject to paragraph 49.

49

I11

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.

I12

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.

I5I33

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.

I5I34

The enforcement agent may replace a notice with a new notice, subject to any restriction in regulations.

I15

Any notice must be given within the permitted period.

I16

Unless extended the permitted period is 12 months beginning with the time of payment.

I17

Any extension must be by agreement in writing between the creditor and debtor before the end of the period.

I18

They may extend the period more than once.