Secured Transactions Act · 2022 Revised Edition · Part · Enforcement of Security Interests
82. Entitled persons may redeem collateral
Official textFrom Attorney General's Chambers, unchanged
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 —
secured party
“secured party” means a person in whose favour a security interest is created, including — (a) a consignor; (b) a financial lessor and a lessor who acquired goods under an operating lease; (c) a transferee of an intangible; (d) a seller who reserved title to the sold goods; or (e) a trustee or agent of the person referred to in paragraphs (a) to (d);
tendering fulfilment of all the obligations secured by the collateral; and
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.
The rights of the debtor to redeem the collateral shall have priority over any other person’s right to redeem the collateral.
collateral
“collateral” means personal property that is subject to a security interest;
Terms defined in s 3
collateral
Defined · s 3“collateral” means personal property that is subject to a security interest;
default
Defined · s 3“default” means — (a) the failure to pay or otherwise perform the obligation secured when due; or (b) the occurrence of an event that, under a security agreement, gives a secured party the right to enforce a security interest;
secured party
Defined · s 3“secured party” means a person in whose favour a security interest is created, including — (a) a consignor; (b) a financial lessor and a lessor who acquired goods under an operating lease; (c) a transferee of an intangible; (d) a seller who reserved title to the sold goods; or (e) a trustee or agent of the person referred to in paragraphs (a) to (d);
Part