224Security interests not affected

224 Security interests not affected

Despite anything to the contrary in any instrument creating a security interest, the severing of a joint tenancy in accordance with this Part—

(a) does not constitute a breach of the covenants or terms of that instrument; and

(b) does not affect any existing powers, rights or interests of the holder of a security interest over the property to which that severance relates.

Division 2—Sale and division

S. 225 substituted by No. 71/2005 s. 5.