Secured Transactions Act · s 82

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s 82Entitled persons may redeem collateral

(1)

At any time before the secured party sells the collateral or is deemed to have taken the collateral in satisfaction of the obligation secured by it, a person who is entitled to receive a notice under section 71 may, unless the person otherwise agrees in writing after default, redeem the collateral by —

(a)

tendering fulfilment of all the obligations secured by the collateral; and

(b)

paying a sum equal to the reasonable expenses of seizing, repossessing, holding, repairing, processing and preparing the collateral for sale, if those expenses have actually been incurred by the secured party, and any other reasonable expenses incurred by the secured party.

(2)

The rights of the debtor to redeem the collateral shall have priority over any other person’s right to redeem the collateral.