Acts and Regulations

P-7.1 - Personal Property Security Act

Section 56
Disposition versions

Full text
Determination of rights and remedies on default
56(1)In this section
“secured party” includes a receiver.
56(2)Subject to subsection (4), if the debtor is in default under a security agreement, the secured party has against the debtor only
(a) the rights and remedies provided in the security agreement,
(b) the rights and remedies provided in this Part and sections 36, 37 and 38,
(c) when in possession of collateral other than investment property, the rights and remedies provided in section 17, and
(d) when in control of collateral that is investment property, the rights and remedies provided in section 17.1.
56(3)Subject to subsection (4), if the debtor is in default under a security agreement, the debtor has against the secured party
(a) the rights and remedies provided in the security agreement,
(b) the rights and remedies provided by any other Act or rule of law not inconsistent with this Act, and
(c) the rights and remedies provided in this Part and in section 17 or 17.1.
56(4)Except as provided in sections 17, 17.1, 59, 60 and 62, no provision of section 17 or 17.1 or sections 57 to 66, to the extent that the provision gives rights and remedies to the debtor or imposes obligations on the secured party, can be waived or varied by agreement or otherwise.
1995, c.33, s.7; 2008, c.S-5.8, s.109
Determination of rights and remedies on default
56(1)In this section
“secured party” includes a receiver.
56(2)Subject to subsection (4), if the debtor is in default under a security agreement, the secured party has against the debtor only
(a) the rights and remedies provided in the security agreement,
(b) the rights and remedies provided in this Part and sections 36, 37 and 38, and
(c) when in possession of the collateral, the rights and remedies provided in section 17.
56(3)Subject to subsection (4), if the debtor is in default under a security agreement, the debtor has against the secured party
(a) the rights and remedies provided in the security agreement,
(b) the rights and remedies provided by any other Act or rule of law not inconsistent with this Act, and
(c) the rights and remedies provided in this Part and in section 17.
56(4)Except as provided in sections 17, 59, 60 and 62, no provision of section 17 or sections 57 to 66, to the extent that the provision gives rights and remedies to the debtor or imposes obligations on the secured party, can be waived or varied by agreement or otherwise.
1995, c.33, s.7