| Commentary

78.5 Security

| Commentary

78.5 Security1

If the creditor holds any security in respect of the debt, the full amount of the debt must be specified, but:

  1. 78.5.1

        the demand must specify the nature of the security, and the value which the creditor puts upon it at the date of the demand; and

  2. 78.5.2

        the demand must claim payment of the full amount of the debt, less the specified value of the security.

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