2. Homer Pty Ltd borrowed $500,000 from the Springfield Bank and granted it a security interest in some of its plant and equipment. Homer Pty Ltd failed to pay the last two interest instalments. The other day the bank was notified that the directors of Homer Pty Ltd had appointed a voluntary administrator.

Advise whether the Springfield Bank is legally entitled to immediately seize the plant and equipment subject to the security interest. Would your answer be different if the Springfield Bank's security interest covered all the assets of Homer Pty Ltd?