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bruneilawsby aturio
In force2022 Revised Edition
Contents

Part · Enforcement of Security Interests

83. Debtor may reinstate security agreement

(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, the debtor may, unless the debtor has otherwise agreed in writing after default, reinstate the security agreement by —

(a)

paying the sums actually in arrears, exclusive of the operation of an acceleration clause in the security agreement;

(b)

remedying any other default by reason of which the secured party intends to sell the collateral; and

(c)

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.

Secured Transactions

(2)

Subsection (1) does not apply to any security agreement made or entered into before the commencement of this Act.

Report

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