Part 6 — Special Seizure Mechanisms
51 Secured obligations
obligation, other than a security or an obligation evidenced by an
instrument, the following applies:
(a) seizure of a secured obligation is effected by
(i) identifying the obligation and the security for it in the
notice of seizure,
(ii) registering the notice of s eizure in the Personal Property
Registry,
RSA 2000
(iii) if the collateral for the secured obligation is land,
registering under the Land Titles Act the notice of the
seizure against the certificate of title to the land, and
(iv) serving the seizure documents on the enforcement
debtor;
(b) if the enforcement debtor's security has not been registered
in the Personal Property Registry or under the Land Titles
Act when the secured obligation is seized, an agency may
register the security in the Personal Property Registry or
under the Land Titles Act, as the case may be;
(c) after seizing a secured oblig ation, an agency may serve the
notice of seizure on the person liable to pay the obligation
and after being served with the notice that person must pay
to the agency any amount that is or becomes payable in
respect of the obligation;
(d) after serving the notice of seizure on the person liable to pay
the obligation, an agency, as an alternative to selling the
secured obligation under Part 5, may collect the obligation
through any proceedings, including an action or
enforcement of the security, that could otherwise have been
taken by the enforcement debtor.
RSA 2000 cC-15 s51;2006 cS-4.5 s107