Tribunals, Courts and Enforcement Act 2007

Holding and disposal of securitiesE+W

47Paragraphs 48 and 49 apply to securities as controlled goods.E+W

48(1)Regulations may make provision about how securities are to be held and disposed of.E+W

(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(1)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.E+W

(2)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.

(3)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.

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

(5)Any notice must be given within the permitted period.

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

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

(8)They may extend the period more than once.