Hire-Purchase Act, 1974 (NRCD 292)
Section 5—Right to Terminate.
(1) At any time before the final payment under a hire-purchase agreement or conditional sale agreement falls due, the hirer or buyer shall, subject to subsection (2), but notwithstanding anything in the agreement, be entitled to terminate the agreement by giving written notice of termination to any person entitled to receive payments under the agreement.
(2) In the case of a conditional sale agreement, where the property in the goods has become vested in the buyer before final payment is made, and the buyer has transferred the goods to a third person, the buyer shall not thereafter be entitled to terminate the agreement under this section.
(3) Subject to subsection (2), where a buyer under a conditional sale agreement terminates the agreement under this section after the property in the goods has become vested in him and before final payment is made, the property in the goods shall thereupon vest in the person (in this subsection referred to as "the previous owner") in whom it was vested immediately before it became vested in the buyer:
Provided that if the previous owner has died, or any other event has occurred whereby that property, if vested in him immediately before that event, would thereupon have vested in some other person, the property shall be treated as having devolved as if it had been vested in the previous owner immediately before his death or immediately before that event, as the case may be.
Subject : Hire-Purchase Trading
Procedure to Follow
Not Avaiable
Responsible Institution
Ministry of Trade, Agribusiness and Industry
Ministries
- Email: info@moti.gov.gh
- Website: www.moti.gov.gh
- GPS: GA-144-0150
- Telephone: 0500073887
Relevant Forms to Download
Not Available
Online System
Link Unavailable
Fees/ charges
Not Avaiable
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