Section 40: Repossession of Collateral

(1) In case of defaurt by a borrower, a creditor shall give the
borrower and the Grantor a notice of the default and intention to repossess the collateral.
(a) exercise his rights under this Act and in the Security Agreement; or
(b) resort to any appropriate judicial remedy.
(2) The notice referred to in subsection (1) may be derivered by-
(a) hand;
(b) courier service;
(c) electronic mail;
(d) registered mail; or
(e) any other means agreed to under the Security Agreement.
(3) A holder of Purchase Money Security Interest may enforce its rights under this Act or any other law governing its rights.
(a) take possession of the Collateral; or
(b) without taking possession, render the colrateral inoperative.
(4) An outright transferee of Account Receivable may enforce its rights under an agreement or any other law governing the transaction.
(a) pursuant to judicial process; or
(b) without judicial process, if the Grantor consented to relinquishing possession without a court order in the Security Agreement.
(5) In the case of repossession without judicial process, a creditor may request for assistance from the Nigeria police having authority within the location of the collateral.
(6) The Nigeria Police shall provide assistance for the peaceable repossession of the collateral, upon presentation by the creditor ofa copy of the relevant security agreement and duly certified confirmation statement.
(7) A creditor may require a grantor to assemble the collateral and make it available at a designated place.