Document ID: chunk:federal_register_of_legislation:C2024C00719:section:142
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 142
Character Range: 254158–255139

142  Entitled persons may redeem collateral
 (1) At any time before a secured party disposes of collateral under section 128, any other person with a security interest in the collateral, or the grantor, may redeem the collateral:
 (a) by paying the amounts required to discharge the obligations, or by performing the obligations, secured by security interests in the collateral; and
 (b) by paying the amount of any expenses in relation to the enforcement of the security interest, the payment of which is secured by the security interest.
Note: Reasonable expenses in relation to the enforcement of a security interest are taken to be secured by a security interest unless the parties agree otherwise (see subsection 18(5)).
 (2) However, a person must not redeem collateral under subsection (1) if the person agrees in writing after the default not to do so.
 (3) The grantor's right to redeem the collateral has priority over any other person's right to redeem the collateral.