Seize or Sue: Canada Debt .ca defines Seize or Sue

Bankruptcy Term Seize or Sue

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Canada Debt has the definition to the bankruptcy and debt term Seize or Sue. Finding answers to terms such as Seize or Sue can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Seize or Sue in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Seize or Sue' is used as follows:

That phrase referring to a concept that, in British Columbia under the Personal Property Security Act, allows a secured creditor, in regard to consumer goods, to either seize or sue for the goods but not do both. For example, a financial institution holding security over a vehicle that is used for personal use and not for business can on default either seize that vehicle and sell it in satisfaction of its debt or sue the person for what is owed, but cannot do both.