Article 48 - Requirement to give notice

(1) Prior to enforcing its rights and remedies under Articles 44, 45, 46 and 47 (as relevant) a Secured Party must give not less than ten days' notice in writing to the following Persons, to the extent that they are known to the Secured Party and to the extent that they have not already consented in writing to the proposed enforcement:
(A) the Debtor;
(B) any Person who is an owner of the Collateral;
(C) any Person who may owe payment or performance of the obligation secured;
(D) any Person who may be contingently liable as a guarantor or otherwise of the obligation secured;
(E) any Person with a perfected Security Interest in the Collateral;
(F) any other Person from whom the Secured Party has received a written notification of a claim of an interest in the Collateral before the date that the notice is served on the Debtor.
(2) For the purposes of paragraph (1), a notice shall set out:
(A) the name of the Debtor;
(B) the name of the Secured Party and an address at which it may be contacted;
(C) a description of the Collateral;
(D) the amount secured by the Collateral;
(E) the amount of the obligation secured which will be discharged;
(F) the intended method(s) of the proposed enforcement; and
(G) the time and date of the proposed enforcement.
(3) Notice is not required under paragraph (2) if:
(A) the Collateral is perishable or will quickly depreciate;
(B) the cost of care and storage of the Collateral is disproportionately large in relation to its value;
(C) the Collateral is of a type customarily sold on an organised market;
(D) the Collateral is Money; or
(E) for any other reason, an application to the QFC Court has been made and the QFC Court is satisfied that a notice under paragraph (1) is not required.
(4) An application to the QFC Court for the purposes of paragraph (3)(E) may be made without notice to the interested parties.
(5) If, within ten days of service of the notice in (1), the Secured Party receives a notification from a Person who asserts that it has a prior Security Interest in the Collateral and objects to the Secured Party's proposed action, the Secured Party may not take enforcement action in relation to the Collateral without an order of the QFC Court under Article 52.