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Commercial Law

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

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  1. Commercial Law Hire Purchase Law

  2. Right of Repossession • Owner has the ROR • ROR is safeguarded with restrictions. • Must wait of EOD first • What is EOD?

  3. 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)

  4. 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

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

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