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Commercial Law. Hire Purchase Law. Right of Repossession. Owner has the ROR ROR is safeguarded with restrictions. Must wait of EOD first What is EOD?. Procedure of Repossession. Notice S.16 O must serve to H a notice writing his intention to retake possession

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commercial law

Commercial Law

Hire Purchase Law

right of repossession
Right of Repossession
  • Owner has the ROR
  • ROR is safeguarded with restrictions.
  • Must wait of EOD first
    • What is EOD?
procedure of repossession
Procedure of Repossession
  • Notice
    • S.16
    • O must serve to H a notice writing his intention to retake possession
    • Period fixed by notice must have expired and this must not be less than 21 days
    • O must deliver to H a document acknowledging receipt of goods. If H not present, O must sent it immediately after taking possession. AR Document must contain description of the goods, date, time, and place of repossession.
    • O must serve on H and G a notice in writing as set under the 5th schedule within 21 days after repossession.
    • O cannot sell or dispose the goods without written consent of H until 21 days after the date of the said notice. (s.17)
slide4

H rights

    • S.18
    • Within 21 days after service of s.16 notice, H can give O a notice in writing:
      • requiring O to redeliver the goods OR
      • require O to sell the goods to any person introduced by H who is prepared to buy for cash at a price not less than the estimated value of the goods OR
    • H can recover from O if value of goods is less than the net amount payable
slide5

H can regain possession

    • S.19
    • H pays to O any amount due
    • Remedies any breach
    • Pay the repossession cost to O