79 Secured debts

As noted above, if the creditor holds any security1 in respect of the debt, the full amount of the debt must be specified in the demand, but:

  1. 79.1

        there must also be specified the nature of the security and the value which the creditor puts upon it as at the date of the demand; and

  2. 79.2

        the amount of which payment is claimed by the demand must be the full amount of the debt less the amount specified as the value of the security2.

Failure to comply with this rule may lead to the demand being set aside3,

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