Commercial Law

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