Mr. Chairman, I will try to be very clear here. What I am getting at here is that if the collateral is seized by the secured party and it may be disposed of through auction, that does not guarantee that it could be sold at book value. I guess my question is, is there any way that it can be properly, independently assessed, other than by the secured party, before it is disposed of for the purpose of liquidating it to pay for the original debt?
James Arvaluk on Bill 7: Personal Property Security Act
In the Legislative Assembly on March 2nd, 1994. See this statement in context.
Bill 7: Personal Property Security Act
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
March 1st, 1994
Page 485
James Arvaluk Aivilik
See context to find out what was said next.