31
CurrentSecurities collateral to hire‑purchase agreements
31 Securities collateral to hire‑purchase agreements
Where —
(a)
a bill of exchange or promissory note has been given by a hirer or guarantor under a hire‑purchase agreement to the owner in respect of an amount payable under the agreement; and
(b)
the payment in due course of the bill of exchange or promissory note would by virtue of the operation of any provision of this Act or otherwise result in payment of an amount in excess of the liability of the hirer under the agreement,
the owner is liable to indemnify the hirer or guarantor, as the case may be, in respect of the amount of the excess.
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