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Difference between revisions of "Creditors' Remedies against Debtors (10:III)"
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Creditors' Remedies against Debtors (10:III) (view source)
Revision as of 23:23, 17 August 2019
, 23:23, 17 August 2019→12. Consumer Goods
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===12. Consumer Goods === | ===12. Consumer Goods === | ||
Where the collateral is a “consumer good”, the calculation of the obligation secured and the obligation that must be tendered is varied. The debtor may “reinstate” the security agreement by paying only the monies actually in arrears – negating the operation of any acceleration clause. The debtor may waive this right but any such agreement must be in writing after default. Note that the number of times the debtor may reinstate the security agreement is limited depending on the period of time for repayment set out in the security agreement; however, the frequency of reinstatement may be varied by agreement between the parties. | |||
==== a) Secured Party’s Remedies ==== | ==== a) Secured Party’s Remedies ==== | ||