Property (seizure and sale) order, effect of
74 Property (seizure and sale) order, effect of
In this section —
saleable interest, in personal property, means any legal or equitable interest in the property that can be disposed of according to law.
A property (seizure and sale) order made in respect of a judgment debtor —
applies to any saleable interest that the debtor has in any personal property at the time when the sheriff receives the order; and
entitles the sheriff —
to seize any such property in which the judgment debtor has a saleable interest and to sell that interest; and
to seize any money of the judgment debtor; and
to seize any cheque, bill of exchange, promissory note, bond, specialty, or other security for money, by virtue of which money is or may be payable to the judgment debtor, and to deal with it in accordance with section 79; and
to apply the proceeds of the sale, the money, and any money received or recovered under section 79, in accordance with section 72.
The sheriff’s entitlement applies even if the judgment debtor’s interest in any personal property is held jointly or in common with another or others.
If, after the sheriff receives the order, a person acquires an interest in any personal property to which the order applies, the person does so subject to the sheriff’s entitlement in subsection (2) unless, at the time of acquiring the interest —
the person acquired it in good faith and for valuable consideration; and
the person had no notice of the fact that the sheriff had received the order and that it was in effect.
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