Section 46
Provisions Relating To Performance Of Obligations
(1) The parties to a security agreement may, by mutual consent, make necessary provisions on
performance of obligations.
(2) In the event of default in performance of obligations, the security holder shall have the following rights:
(a) to take possession or control of the collateral as the security holder prefers even if the security agreement has
no provision about possession or control;
(b) to sell and dispose of the collateral;
(c) to exercise such other rights and remedies as provided in this Act;
(d) to exercise such other rights and remedies as provided in the security agreement; and
(e) to exercise such rights and remedies as provided under the other laws in force.
(3) The security holder may exercise any or all of its remedies simultaneously.
(4) In the event of default in the performance of obligation, if the collateral is accounts or other intangible property, the security holder may proceed directly against the accounts or other intangible property, without
judicial action, subject to the provisions contained in this Act in relation to the exercise of the right relating to assignment or collection.
(5) In the event of default in the performance of obligation,if the collateral is a document, the security holder may proceed as to the document and as to the goods covered by the document.
(6) When a security holder obtains an order granting possession, the priority in the collateral shall be measured from the date of filing of the notice or the date of maturity of the security interest, whichever occurs earlier.
(7) While selling collateral by virtue of the order of the competent authority or by way of public auction, the security holder may buy such collateral.
performance of obligations.
(2) In the event of default in performance of obligations, the security holder shall have the following rights:
(a) to take possession or control of the collateral as the security holder prefers even if the security agreement has
no provision about possession or control;
(b) to sell and dispose of the collateral;
(c) to exercise such other rights and remedies as provided in this Act;
(d) to exercise such other rights and remedies as provided in the security agreement; and
(e) to exercise such rights and remedies as provided under the other laws in force.
(3) The security holder may exercise any or all of its remedies simultaneously.
(4) In the event of default in the performance of obligation, if the collateral is accounts or other intangible property, the security holder may proceed directly against the accounts or other intangible property, without
judicial action, subject to the provisions contained in this Act in relation to the exercise of the right relating to assignment or collection.
(5) In the event of default in the performance of obligation,if the collateral is a document, the security holder may proceed as to the document and as to the goods covered by the document.
(6) When a security holder obtains an order granting possession, the priority in the collateral shall be measured from the date of filing of the notice or the date of maturity of the security interest, whichever occurs earlier.
(7) While selling collateral by virtue of the order of the competent authority or by way of public auction, the security holder may buy such collateral.