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.
Sch. 12 applied (prosp.) by Finance Act 2008 (c. 9), ss. 127(2), 129(4)