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30.   Settlement after repossession

Revised Laws of Saint Lucia (2021)

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30.   Settlement after repossession

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    (1)   The hirer shall be entitled, at any time after the owner has taken possession of the goods but before the owner sells or agrees to sell the goods, to settle his or her obligations under the hire-purchase agreement by paying to the owner the amount required to settle the hire-purchase agreement, calculated in accordance with subsection (2), and on receipt or tender of that amount the owner shall deliver the goods to the hirer and the rights and obligations of the parties to the hire-purchase agreement shall be satisfied.

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    (2)   For the purposes of this section the amount required to settle the hire-purchase agreement shall be—

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      (a)     the net balance due;

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      (b)     the reasonable costs and expenses of the owner of and incidental to his or her taking possession of, holding, storing, repairing, maintaining, valuing and preparing for the sale of, the goods and of his or her returning them to the order of the hirer; and

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      (c)     the costs reasonably and actually incurred by the owner in doing any act, matter or thing necessary to remedy any breach of the hire-purchase agreement by the hirer.

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    (3)   Where the owner takes possession of any goods comprised in a hire-purchase agreement and the unpaid balance of the hire-purchase price has been paid in accordance with this section, the hirer may, within 14 days after the service on him or her of the notice in section 26 and by giving the owner notice in writing signed by him or her, require the owner to redeliver the goods that have been repossessed.

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    (4)   The goods shall be received and held by the hirer pursuant to the terms of the hire-purchase agreement as if the breach had not occurred and the owner had not taken possession.

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    (5)   For the purpose of this section “the net balance due” means the amount for the time being payable in terms of the hire-purchase agreement to enable the hirer to acquire title to the goods.

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