The PPSA provides for the enforcement of a chattel security by empowering the secured party either to retain or to dispose of the collateral. The general principles of enforcement apply to all kinds of security agreement. The secured party must give notice, in an approved form, both to the grantor of the security and to any other party with a prior security interest in the same collateral. This gives them an opportunity to raise any objections.
The proceeds of any sale are used to pay all secured debts, in the order in which they have priority. Any residue is returned to the grantor.
In enforcing their rights, the secured party must exercise their rights honestly and in a commercially reasonable manner.