(1) Subject to the rights of a person, including a lessee or licensee, with a superior right to possession, a secured creditor may obtain possession of an encumbered property after default —
(a) by making an application to the court; or
(b) without making an application to the court, subject to subsection (2).
(2) A secured creditor may exercise the right under subsection (1), without making an application to the court, if —
(a) in the security agreement, the grantor has consented in writing to the secured creditor obtaining possession after default without making an application to the court;
(b) the secured creditor has given the grantor and a person in possession of the encumbered property notification of default and of the intent of the secured creditor to obtain possession; and
(c) at the time the secured creditor attempts to obtain possession of the encumbered property, the person in possession of the encumbered property does not object in such a manner that continuing the attempt to obtain possession of the encumbered property would be likely to lead to an immediate loss of public order and tranquillity.
(3) The notification of default and intent to obtain possession under subsection (2)(b) may not be given if the encumbered property is perishable or declines in value quickly.
(4) Where a secured creditor whose security interest has priority over the security interest of another secured creditor is in possession of the encumbered property, the secured creditor whose security interest does not have priority may not obtain possession of the property.