Section 135 — Property Law Act 2007: Notice concerning goods not required in certain cases

135 Notice concerning goods not required in certain cases (1) Sections 128 and 132 do not apply if— (a) the goods may perish within 10 working days of the mortgagee taking possession of the goods; or (b) the mortgagee or receiver believes on reasonable grounds that the goods will decline substantially in value if the goods are not disposed of immediately; or (c) the cost of care and storage of the goods is disproportionately large in relation to the value of the goods; or (d) the goods consist of inventory; or (e) the mortgage over goods arises under a mortgage debenture (whether or not there is a collateral mortgage over those goods securing the same amounts); or (f) after the mortgagee takes possession of the goods, every person entitled to receive notice under section 128 or 132 (or both) consents in writing to the immediate sale of the goods. (2) If a mortgage is over goods and some, but not all, of those goods are described in subsection (1),— (a) the mortgagee or receiver may exercise a power to sell the goods described in subsection (1) without complying with section 128 ; and (b) the mortgagee may recover a deficiency on that sale without complying with section 132 .