sec.281FSecurity for payment of charges and potential liabilities

### sec.281F Security for payment of charges and potential liabilities A port entity may, by written notice, require a person to give the port entity a security deposit as security for a liability or debt incurred, or that may be incurred, to it under this part in relation to— the payment of a charge; or damage caused, or that may be caused, to port facilities. The security deposit must be in or for an amount decided by the port entity that is a reasonable amount having regard to the liability or potential liability of the person under this part. The security deposit may be— cash; or a guarantee from a financial institution; or in another form accepted by the port entity. The port entity may appropriate or partly appropriate a security deposit to meet the liability or indebtedness of the person if the liability or debt is unpaid after becoming due. If a security deposit is appropriated or partly appropriated, the port entity may, by written notice, require the person to give the port entity a further security deposit. Also, if the port entity considers that the person’s liability or indebtedness, or potential liability or indebtedness, to it under this part should be more adequately guaranteed, the port entity may, by written notice, require the person to give the port entity a security deposit in a greater amount, or in a different form, or both. s 281F ins 2005 No. 22 s 11 amd 2010 No. 19 s 90 (sec.281F-ssec.1) A port entity may, by written notice, require a person to give the port entity a security deposit as security for a liability or debt incurred, or that may be incurred, to it under this part in relation to— the payment of a charge; or damage caused, or that may be caused, to port facilities. (sec.281F-ssec.2) The security deposit must be in or for an amount decided by the port entity that is a reasonable amount having regard to the liability or potential liability of the person under this part. (sec.281F-ssec.3) The security deposit may be— cash; or a guarantee from a financial institution; or in another form accepted by the port entity. (sec.281F-ssec.4) The port entity may appropriate or partly appropriate a security deposit to meet the liability or indebtedness of the person if the liability or debt is unpaid after becoming due. (sec.281F-ssec.5) If a security deposit is appropriated or partly appropriated, the port entity may, by written notice, require the person to give the port entity a further security deposit. (sec.281F-ssec.6) Also, if the port entity considers that the person’s liability or indebtedness, or potential liability or indebtedness, to it under this part should be more adequately guaranteed, the port entity may, by written notice, require the person to give the port entity a security deposit in a greater amount, or in a different form, or both. - (a) the payment of a charge; or - (b) damage caused, or that may be caused, to port facilities. - (a) cash; or - (b) a guarantee from a financial institution; or - (c) in another form accepted by the port entity.