Difference between revisions of "Creditors' Remedies against Debtors (10:III)"

Under s 62, a debtor has redemption rights. Any person entitled to notice of a pending disposition of collateral may “redeem” the collateral  by tendering to the secured party fulfilment of the obligations secured by the collateral plus the reasonable expenses incurred by the secured  party associated in seizing the collateral or otherwise preparing it for disposition. The aforementioned obligations may simply be the amount  in arrears; however, it is more often the case that an acceleration clause applies, and that the obligations will be the total amount of the debt. Where the security agreement contains an acceleration clause, the debtor may apply to court for relief from the consequences of default  or for an order staying enforcement of the security agreement’s acceleration provision.