Commonwealth Consolidated Acts

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PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 143

Entitled persons may reinstate security agreement

  (1)   At any time before a secured party disposes of or retains collateral (whether or not under this Chapter), a person may reinstate the security agreement by:

  (a)   paying the following amounts:

  (i)   amounts in arrears (disregarding amounts in arrears as a result of an acceleration clause in the security agreement);

  (ii)   the amount of any expenses, in relation to the enforcement of the security interest, the payment of which is secured by the security interest; and

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)).

  (b)   remedying any other default as a result of which the secured party proposes to dispose of, or retain, the collateral.

  (2)   A security agreement may be reinstated only once during the period in which the security agreement is in force.


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