57Powers of security holder not affected

57 Powers of security holder not affected

This Part does not affect the power of a security holder under a financial arrangement to which this Part applies to enforce the holder’s rights against the member or dependant if: (a) the security holder was, or is, in possession of the security at the start day of the member’s defence service; or (b) if the security is land—the security holder has appointed or appoints a receiver who, at the start day of the member’s defence service, was, or is: (i) in possession of the land; or (ii) receiving the rents and profits of the land.