SCHEDULES

C1SCHEDULE 12Taking control of goods

Annotations:
Modifications etc. (not altering text)

Part 2The procedure

Time when property ceases to be bound

6

1

For the purposes of any enforcement power the property in goods of the debtor ceases to be bound in accordance with this paragraph.

2

The property in any goods ceases to be bound—

a

when the goods are sold;

b

in the case of money used to pay any of the amount outstanding, when it is used.

3

The property in all goods ceases to be bound when any of these happens—

a

the amount outstanding is paid, out of the proceeds of sale or otherwise;

b

the instrument under which the power is exercisable ceases to have effect;

c

the power ceases to be exercisable for any other reason.