44Part does not apply to security holder already exercising remedies

44 Part does not apply to security holder already exercising remedies

This Part does not apply to a liability to make a payment under a financial arrangement if: (a) the liability is a liability of: (i) a member who renders defence service; or (ii) a dependant of a member who renders defence service; and (b) before the start day of the service, a court orders that a party to the financial arrangement may exercise all or any of the party’s remedies to enforce any security under the arrangement (including enter land if the security is land).