Ri

ghtsofHi
rer
1)
Rightt
otermi
nat
etheagr
eement

2)
Rightt
opur
chaset
hegoods

3)
Rightt
orecei
vest
atement

4)
Rightt
orecei
venot
ice

5)
Rightt
ogetbackt
heexcesspay
ment

6)
Cour
t'
sper
missi
ont
orepossess

Creditpurchasemethod:
Underthesystem,
thegoodspurchasedonhir
epurchaseistr
eatedasproper
tyofthe
purchaseront heassumpti
onthatassethasbeenpur
chasedwiththeint
enti
onofpayingal
l
theinstal
ment sontheduedate.

Repossession
Repossessi
onmeanst aki
ngbacktheproper
tyorgoodsfrom thebuyeronnon
paymentofanyi nst
almentduebyhim,byforfei
ti
nganyr
[Link]
repossessi
onmaybeei t
hercomplet
erepossessi
onorpart
ialr
epossessiondependi
ngupon
thecir
cumst ancesofeachcase.

CompleteRepossession
Completerepossessi
onmeanstaki
ngbackofall
thegoodssol
dbyt
hehi
resel
l
ert
othe
hi
repurchaseronnon-paymentofanyi
nstal
mentdue.

Parti
alRepossessi on
Parti
alrepossessionmeanst hetaki
ngbackorrepossessi
ngofonl
yapartorport
ionof
thegoodssol dtot hehir
epurchaserbythehir
evendoronnon-pay
mentofanyinst
alment,
by
adjust
ingtheagr eedv al
ueofnon-r
epossessedgoodsagainstt
heamountdue.

Di
ff
erencebet
weenHi
rePur
chaseandSal
es

Hi
rePur
chase Sal
es

1)Meani
ng I
tisanagreementt
o Asal
eisacont
ract
.
pur
chase.

2)Par
ti
es Hir
epurchaserandhi
re Buy
erandSel
l
er
sel
ler

3)Ti
tl
eint
hegoods Ti
tl
eorpropert
yinthe Propert
yortit
lei
nthegoods
goodspassestothehir
er passestothebuyer
onl
yonpay mentofthelast i
mmedi atel
yattheti
meof
i
nstal
ment contr
actofsale.
4)Buy
er'
sPosi
ti
on Posit
ionofpurchaserist
hat Theposit
ionoft
hebuyeri
s
ofahirert
il
lhepay sthel
ast thatoft
heownerofthe
i
nstal
ment . goods.

5)Ter
minat
ionofcont
ract Thehi r
ercanterminatethe Thebuyercannott
erminat
e
contractr
actbyreturni
ng thecontr
actandisboundto
thegoodst oit
sowner payt
hepr i
ceofthegoods.
withoutanyfurt
herli
abil
ity
.

6)
Lossonpay
ment Onnonpay mentofany Theri
skofanylossonnon
i
nstal
mentduet oinsol
vency paymentresul
ti
ngfrom t
he
ofpurchaser
,thehir
evendor i
nsolv
encyofthebuyeri
s
canrepossessthegoods. bor
nebythesell
er.

7)Passi
ngt
it
le Thehir
epurchasercannot Thebuy ercanpassagood
passanyti
tl
eev entoa ti
tl
et oapurchaser
.bonaf
ide
bonaf
idepurchaser
. purchaser.

8)
Riski
nGoods I
ft heHi r
epur chasertakes Asthebuyerbecomesthe
reasonablecar easis owneronsigni
ngofthe
requiredtobet akenbyt he cont
ract,
anylossofgoods
bailee,heisnotof wil
lhavetobebornebyhim
responsiblefort hel
ossof
goods.

9)
GST GSTi
slevi
edonlywhent
he GSTisl
eiv
edatt
het
imeof
t
it
lei
str
ansfer
red. sal
e