Acts and Regulations

P-7.1 - Personal Property Security Act

Section 62
Disposition versions

Full text
Redemption of collateral and reinstatement of security agreement
62(1)In subsection (2)
“secured party” includes a receiver.
62(2)At any time before the secured party has disposed of the collateral or contracted for its disposition under section 59, or before the secured party is deemed to have irrevocably elected to retain the collateral under section 61, any person entitled to receive a notice of disposition under subsection 59(8) or (11) may redeem the collateral, unless that person has otherwise agreed in writing after default, by tendering fulfillment of the obligations secured by the security interest, together with a sum equal to the reasonable expenses referred to in paragraph 59(3)(a) to the extent that such expenses have actually been incurred by the secured party.
62(3)If more than one person elects to redeem under subsection (2), the priority of their rights to redeem is the same as the priority of their respective interests.
62(4)At any time before the secured party has disposed of the collateral or contracted for its disposition under section 59, or before the secured party is deemed to have irrevocably elected to retain the collateral under section 61, the debtor, other than a guarantor or indemnitor, may reinstate the security agreement, unless the debtor has otherwise agreed in writing after default, by
(a) paying the sum actually in arrears, exclusive of the operation of an acceleration clause in the security agreement,
(b) curing any other default by reason of which the secured party intends to dispose of the collateral, and
(c) paying a sum equal to the reasonable expenses referred to in paragraph 59(3)(a) to the extent that such expenses have actually been incurred by the secured party.
62(5)Unless otherwise agreed, the debtor is not entitled to reinstate a security agreement
(a) more than twice, if the security agreement provides for payment in full by the debtor within twelve months after value was given by the secured party, or
(b) more than twice each year, if the security agreement provides for payment by the debtor during a period of time of more than one year after value was given by the secured party.
Redemption of collateral and reinstatement of security agreement
62(1)In subsection (2)
“secured party” includes a receiver.
62(2)At any time before the secured party has disposed of the collateral or contracted for its disposition under section 59, or before the secured party is deemed to have irrevocably elected to retain the collateral under section 61, any person entitled to receive a notice of disposition under subsection 59(8) or (11) may redeem the collateral, unless that person has otherwise agreed in writing after default, by tendering fulfillment of the obligations secured by the security interest, together with a sum equal to the reasonable expenses referred to in paragraph 59(3)(a) to the extent that such expenses have actually been incurred by the secured party.
62(3)If more than one person elects to redeem under subsection (2), the priority of their rights to redeem is the same as the priority of their respective interests.
62(4)At any time before the secured party has disposed of the collateral or contracted for its disposition under section 59, or before the secured party is deemed to have irrevocably elected to retain the collateral under section 61, the debtor, other than a guarantor or indemnitor, may reinstate the security agreement, unless the debtor has otherwise agreed in writing after default, by
(a) paying the sum actually in arrears, exclusive of the operation of an acceleration clause in the security agreement,
(b) curing any other default by reason of which the secured party intends to dispose of the collateral, and
(c) paying a sum equal to the reasonable expenses referred to in paragraph 59(3)(a) to the extent that such expenses have actually been incurred by the secured party.
62(5)Unless otherwise agreed, the debtor is not entitled to reinstate a security agreement
(a) more than twice, if the security agreement provides for payment in full by the debtor within twelve months after value was given by the secured party, or
(b) more than twice each year, if the security agreement provides for payment by the debtor during a period of time of more than one year after value was given by the secured party.