①Realization of the property referred to in Article 78, paragraph (2), items (i) and (ii) is conducted pursuant to the provisions of the Civil Enforcement Act and other laws and regulations concerning a procedure for enforcement except when it is conducted through sale by private contract pursuant to those provisions.

②A bankruptcy trustee may realize the collateral for the right of separate satisfaction. In this case, the holder of the right of separate satisfaction may not refuse the realization pursuant to the provisions of the Civil Enforcement Act and other laws and regulations concerning a procedure for enforcement.

③In the cases referred to in the preceding two paragraphs, the provisions of Article 63 and Article 129 of the Civil Enforcement Act (including as applied mutatis mutandis pursuant to the provisions of that Act and other laws and regulations concerning a procedure for enforcement) do not apply.

④In the case referred to in paragraph (2), if the amount to be received by a holder of a right of separate satisfaction has not been finalized, a bankruptcy trustee must separately deposit the fee. In this case, the right of separate satisfaction exists upon the fee deposited.

①If a holder of a right of separate satisfaction has a right to dispose of the collateral for the right of separate satisfaction by means other than that prescribed by law, upon the petition of a bankruptcy trustee, the court may specify a period during which the holder of the right of separate satisfaction should dispose of the collateral.

②A holder of a right of separate satisfaction that fails to dispose the collateral within the period stated in the preceding paragraph loses the right referred to in that paragraph.

③An immediate appeal may be filed against a judicial decision on the petition referred to in paragraph (1).

④When a judicial decision on the petition referred to in paragraph (1) and a judicial decision on the immediate appeal referred to in the preceding paragraph are made, the written judgments must be served upon the parties concerned. In this case, the provisions of the main clause of Article 10, paragraph (3) do not apply.

①If any security interest (meaning a special statutory lien, pledge, mortgage, or a right of retention under the provisions of the Commercial Code or the Companies Act; the same applies below in this Section) exists at the time of commencement of bankruptcy proceedings against property that belongs to the bankruptcy estate, if it is in the common interest of bankruptcy creditors to extinguish the security interests by selling the property by private contract, a bankruptcy trustee may file a petition to the court for permission to sell the property by private contract and extinguish all security interests on the property by paying to the court the amount of money specified in each of the following items in accordance with the category stated in the respective items; however, this does not apply if it is found that this would unduly harm the interest of the persons who hold the security interests:

②In the case stated in item (i) of the preceding paragraph, a bankruptcy trustee that seeks to file a petition referred to in that paragraph must consult with the person that holds the security interest in question in advance with regard to the amount of money deducted from the proceeds and added to the bankruptcy estate.

③The petition referred to in paragraph (1) must be filed by means of a document stating the following particulars (referred to below as a "written petition" in this Section):

④A document stating the content of the sales contract for the sale of the property referred to in item (i) of the preceding paragraph (including, of the costs required for concluding and performing the sales contract, the amount of actual costs already paid or to be paid in the future from the bankruptcy estate, and an amount equivalent to the amount of consumption tax, etc. to be imposed on the transfer of the property, which is to be borne by the counterparty under the sales contract) must be attached to the written petition.

⑤If a petition referred to in paragraph (1) is filed, the written petition and the document referred to in the preceding paragraph must be served upon the person that holds the security interest referred to in paragraph (3), item (iv) which is stated in the written petition (referred to below as a "designated security interest holder" in this Section). In this case, the provisions of the main clause of Article 10, paragraph (3) do not apply.

①If a designated security interest holder has an objection to the petition referred to in paragraph (1) of the preceding Article, they may, within one month after the day on which the written petition and the document referred to in paragraph (4) of that Article are served upon all designated security interest holders pursuant to the provisions of paragraph (5) of that Article, submit to the court a document that certifies their filing of a petition for exercise of security interests.

②The court may extend the period referred to in the preceding paragraph upon the petition of a designated security interest holder, only if the designated security interest holder has compelling reasons.

③If there is an agreement between a bankruptcy trustee and a designated security interest holder with regard to the amounts of proceeds and of money to be deducted from the proceeds and added to the estate (in the case stated in paragraph (1), item (ii) of the preceding Article, the amount of proceeds), the designated security interest holder may not file a petition for exercise of security interests.

④A designated security interest holder may not file a petition for exercise of security interests after the period referred to in paragraph (1) (if it is extended pursuant to the provisions of paragraph (2), the extended period; the same applies below in this Section) has expired, except when an order of permission referred to in Article 189, paragraph (1) is reversed pursuant to the provisions of Article 190, paragraph (6) or an order of non-permission referred to in that paragraph becomes final and binding.

⑤If the petition for exercise of security interests has been withdrawn or dismissed without prejudice after a document that certifies the filing of a petition for exercising security interests referred to in paragraph (1) was submitted, the document is deemed not to have been submitted. The same applies when the procedure for exercising security interests referred to in that paragraph is reversed pursuant to the provisions of Article 63 of the Civil Enforcement Act as applied mutatis mutandis pursuant to Article 188 of that Act, or Article 129 of that Act as applied mutatis mutandis pursuant to Article 192 of that Act (including as applied mutatis mutandis pursuant to that Act and other laws and regulations concerning a procedure for enforcement).

⑥After an order of non-permission stated in Article 189, paragraph (1) has become final and binding, if a petition for exercising security interests referred to in paragraph (1) has been withdrawn or dismissed and a bankruptcy trustee files a petition referred to in paragraph (1) of the preceding Article, the designated security interest holder that has filed the petition for exercising security interests may not, notwithstanding the provisions of paragraph (1), submit the document that certifies their filing of the petition for exercising security interests referred to in that paragraph.