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Consumer Credit Act 1974
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- 1974 c. 39
- Part VIII
- General
- Section 106
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106 Ineffective securities.E+W+S+N.I.
Where, under any provision of this Act, this section is applied to any security provided in relation to a regulated agreement, then, subject to section 177 (saving for registered charges)—
(a)the security, so far as it is so provided, shall be treated as never having effect;
(b)any property lodged with the creditor or owner solely for the purposes of the security as so provided shall be returned by him forthwith;
(c)the creditor or owner shall take any necessary action to remove or cancel an entry in any register, so far as the entry relates to the security as so provided; and
(d)any amount received by the creditor or owner on realisation of the security shall, so far as it is referable to the agreement, be repaid to the surety.
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