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Paragraph 6 I1C1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

For the purposes of any enforcement power the property in goods of the debtor ceases to be bound in accordance with this paragraph.

(2)

The property in any goods ceases to be bound—

(a)

when the goods are sold;

(b)

in the case of money used to pay any of the amount outstanding, when it is used.

(3)

The property in all goods ceases to be bound when any of these happens—

(a)

the amount outstanding is paid, out of the proceeds of sale or otherwise;

(b)

the instrument under which the power is exercisable ceases to have effect;

(c)

the power ceases to be exercisable for any other reason.

Annotations

Modifications

C1

Sch. 12 applied (6.4.2014) by Finance Act 2008 (c. 9), ss. 127(2), 129(4); S.I. 2014/906, arts. 2, 3

Commencement

I1

Sch. 12 para. 6 in force at 6.4.2014 by S.I. 2014/768, art. 2(1)(b)

Notes on Schedule 12

Modifications

C1

Sch. 12 applied (prosp.) by Finance Act 2008 (c. 9), ss. 127(2), 129(4)

C3

Sch. 12 applied by S.I. 2013/2605, art. 21K(1) (as inserted (12.11.2018) by The Proceeds of Crime Act 2002 (External Investigations and External Orders and Requests) (Amendment) Order 2018 (S.I. 2018/1078), arts. 1(2), 8)

C4

Sch. 12 applied by S.I. 2014/1893, art. 34K(1) (as inserted (12.11.2018) by The Proceeds of Crime Act 2002 (External Investigations and External Orders and Requests) (Amendment) Order 2018 (S.I. 2018/1078), arts. 1(2), 20)