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Considerations when enforcing a security that is not a first security
This guidance note is designed to provide a list of considerations to help legal practitioners, as a starting point, to provide advice on matters relating enforcing a security that is not a first security. These considerations include whether there is sufficient equity, the requirement of consent, and distribution of proceeds.
This guidance note also includes commentary on lessons regarding enforcing a security that is not a first security from selected leading case law, including Zanzoul v Westpac Banking Corporation (1995) 6 BPR 97,549; [1996] ANZ ConvR 368; (1995) NSW ConvR 55-749; BC9504830 regarding possession and Bofinger v Kingsway Group Ltd (2009) 239 CLR 269 at 301; 260 ALR 71; [2009] HCA 44; BC200909276 regarding guarantors and subrogation.
See Considerations when enforcing a security that is not a first security.
