Section 45: Notice of Sale of Collateral

(1) A Creditor who intends to sell a Collateral shall not less than 10 working days before selling the Collateral, send notice in the manner stipulated in section 40 (2) of this Act to the following:
(a) the Borrower;
(b) the Grantor; and
(c) any other Creditor who has registered a Financing Statement in respect of the Collateral before the Creditor repossessed the Collateral.
(2) Subsection (1) of this section shall not apply where:
(a) the Collateral may perish within 10 working days of the repossession;
(b) the Creditor believes on reasonable grounds that the Collateral will decline substantially in value if it is not disposed of immediately;
(c) the cost of care and storage of the Collateral is disproportionately large in relation to its value; or
(d) the Collateral consists of Inventory or Farm Products.