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BC-8.9.18

Conventional bank licensees must not realise a retail customer’s assets, unless it is legally entitled to do so, and has either:

(a) Set out in the terms of business:
(i) The action it may take to realise any assets of the retail customer;
(ii) The circumstances in which it may do so;
(iii) The asset (if relevant) or type or class of asset over which it may exercise the right; or
(b) Given the retail customer written or oral notice of its intention to exercise its rights before it does so.
Added: April 2008