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25.(1) The provisions of this section shall have effect where goods are let under a hire-purchase agreement, or are agreed to be sold under a conditional sale agreement, and that agreement, or any other agreement, contains a provision (however expressed and whether limited to defaults in payment or not) whereby, apart from this section, on the occurrence of, or at a time to be ascertained by reference to, a default in the payment of one or more instalments or other sums payable by the hirer or buyer, such of the consequences mentioned in subsection (2) as are specified in that provision (in this section referred to as "the specified consequences") would follow. (2) The consequences referred to in subsection (1) are that the hire-purchase agreement or conditional sale agreement, or (in the case of a hire-purchase agreement) the bailment of the goods, shall terminate, or shall be terminable, or that the owner or seller shall have a right to recover possession of the goods. (3) If default is made in the payment of one or more sums to which that provision (in this subsection referred to as "the relevant provision") applies, the specified consequences shall not follow by reason of that default unless the owner or seller serves on the hirer or buyer, by registered post or the recorded delivery service, a notice (in this Act referred to as a "notice of default") stating the amount which has become due, but remains unpaid, in respect of sums to which the relevant provision applies, and requiring the amount so stated to be paid within such period (not being less than seven days beginning with and including the date of service of the notice) as may be specified in the notice. (4) Where a notice of default is served, the specified consequences shall not follow before the end of the period specified in the notice by reason of any default to which the notice relates; and, if before the end of that period the amount specified in the notice is paid or tendered by or on behalf of the hirer or buyer or any guarantor, the specified consequences shall not follow thereafter by reason of any such default. (5) In a case where the specified consequences are that the hire-purchase agreement or conditional sale agreement, or (in the case of a hire-purchase agreement) the bailment of the goods, may be terminated by notice given by the owner or seller, a notice of default may include a notice terminating the hire-purchase agreement or conditional sale agreement, or the bailment, as the case may be, at or after the end of the period specified therein in accordance with subsection (3), subject to a condition that the termination is not to take effect if before the end of that period the amount specified in the notice of default is paid or tendered as mentioned in subsection (4).
© 1966 Crown Copyright
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