SECURED TRANSACTIONS IN MOVABLE ASSETS

Section 50: Reinstatement of Security Agreement

2017Section 50 of 64Federal Republic of Nigeria

(1) At any time before a Creditor sells the Collateral, a Borrower may reinstate the Security Agreement by:
(a) paying the sums owed;
(b) remedying any other default; and
(c) paying a sum equal to the reasonable expenses incurred by the Creditor.
(2) Unless otherwise agreed, a Borrower shall not be entitled to reinstate a Security Agreement more than twice in each year.

Cite this section

Section 50, SECURED TRANSACTIONS IN MOVABLE ASSETS (2017).

https://repo.podus.ai/laws/secured-transactions-in-movable-assets/section/50/