Personal chattels assigned under a bill of sale shall not be liable to be seized or taken possession of by the grantee for any other than the following causes:—
(1)If the grantor shall make default in payment of the sum or sums of money thereby secured at the time therein provided for payment, or in the performance of any covenant or agreement contained in the bill of sale and necessary for maintaining the security;
(2)If the grantor shall become bankrupt, or suffer the said goods or any of them to be distrained[F1 , or taken control of using the power in Schedule 12 to the Tribunals, Courts and Enforcement Act 2007,] for rent, rates, or taxes;
(3)If the grantor shall fraudulently either remove or suffer the said goods, or any of them, to be removed from the premises;
(4)If the grantor shall not, without reasonable excuse, upon demand in writing by the grantee, produce to him his last receipts for rent, rates, and taxes;
(5)If execution shall have been levied against the goods of the grantor under any judgment at law:
Provided that the grantor may within five days from the seizure or taking possession of any chattels on account of any of the above-mentioned causes, apply to the High Court, or to a judge thereof in chambers, and such court or judge, if satisfied that by payment of money or otherwise the said cause of seizure no longer exists, may restrain the grantee from removing or selling the said chattels, or may make such other order as may seem just.
Textual Amendments
F1Words in s. 7(2) inserted (6.4.2014) by Tribunals, Courts and Enforcement Act 2007 (c. 15), s. 148, Sch. 13 para. 18 (with s. 89); S.I. 2014/768, art. 2(1)(b)