Page:United States Statutes at Large Volume 47 Part 1.djvu/1248

 1224 Notice of intention. Redemption. Compulsory resale . Resale at option pa rti es. 72d CONGRESS. SESS. II. CII. 128 . FEBRUARY 27, 1933 . SEC. 68 7. NOTICE or INTENTION TO RETAKE .--Not more than forty nor less than twent y days prior to the retaking, th e seller, if he so desires, may serve upon the buyer personally or by registered mail a notice of intention to retake the goods on account of the buyer's default. The notice shall state the default and the period at the end of which the go ods will be reta ken, and shall b riefly and clear ly sta te what the buye r's rights under this chapter wi ll be in case they are retaken. If the notice is so served and the buyer does not per- form the obligations in which he has made default before the day set for retaking, the seller may retake the goods and hold them subject to the provisions of sections 689 to 693 regarding resale, but without any right of redemption. SEC. 688 . REDEMPTION.-If the seller does not give the notice of intention to retake described in section 687, he shall retain the goods for ten days after the retaking within the Canal Zone, during which period the buyer, upon payment or tender of the amount due under the contract at the time of retaking and interest, or up on performance or tender of performance of such other condition as may be named in the cont ract as p recedent to the passage of the property in the goods, or upon performance or tender of performance of any other promise for the breach of which the goods were retaken, and upon payment of the expenses of retaking, keeping, and storage, may redeem the goods and become entitled to take possession of them and to continue in the performance of the contract as if no default had occurred. Up on written demand delivered personally or by registered mail by the buyer, the seller shall furnish to the buyer a written statement of the sum due und er the con tr act and the expense of retaking, keeping, and storage. For failure to furnish such statement within a reasonable time after demand, the seller shall forfeit to the buyer $10 and also be liable to him for all damages suffered because of such failure. If the goods are perishable so that retention for ten days as herein prescribed would result in their destruction or substantial injury, the provisions of this section shall not apply, and the seller may resell the goods immediately upon th eir reta king. SEC. 689. COMPULSORY RESALE BY 9Eid.ER.-If the buyer does not redeem the goo ds within ten da ys after the sel ler has retaken posses- sion, and the buyer has paid at least 50 per centum of the purchase price at the time of the retaking' the seller, shall sell them at public auction in the Canal Zone, such sale to be held not more than thirty clays after the retaking. The seller sha ll give to the b uyer not less than ten days' written notice of the sale, either personally or by regist ered mai l, direc ted to t he buyer at his last kno wn place of business or re sidence. The selle r shall also giv e notice of the sale by at least three notices posted in different public places within the Zone, at least five da ys befor e the sa le. If at the tim e of the retaking $5 00 or more has b een paid on the purchase price, the seller shall also give notice of the sale at least fve days before the sale by pub lication in a ne wspaper having a general circula tion wit hin the Canal Zone. The seller may bid for the goods at the resale. of SEC. 690. RESALE AT OPTION Or PARTIES .-If the buyer has not paid at least 50 per centum of the purchase price at the time of the retaking, the seller shall not be under a duty to resell the g oods as prescribed in section 689, unless the buyer serves upon the seller, within, ten clays after the retaking, a written notice demanding a resale, delivered personally or by registered mail. If such notice is served, the resale shall take place within thirty days after the service, in the manner, at the place, and upon the notice prescribed