34. Provisions relating to securities collateral to regulated agreements

Terms defined in s 2

• guarantor

  guarantor

  Defined · s 2

  “guarantor” means a person who has guaranteed the performance by a hirer of all or any of his obligations under a hire-purchase agreement or a conditional sale agreement but does not include the dealer or a person engaged, at the time of the giving of the guarantee, in the trade or business of selling goods of the same nature or description as the goods comprised in the agreement;

  Open s 2
• hirer

  hirer

  Defined · s 2

  “hirer” means the person who takes or has taken goods from an owner under a hire‑purchase agreement or a conditional sale agreement and includes a person to whom the hirer’s rights or liabilities under the agreement have passed by assignment or by operation of law;

  Open s 2
• owner

  owner

  Defined · s 2

  “owner” means a person by whom goods are bailed to a hirer under a hire‑purchase agreement or a conditional sale agreement and includes a person whom the owner’s rights or liabilities under the agreement have passed by assignment or by operation of law;

  Open s 2
• regulated agreement

  regulated agreement

  Defined · s 2

  “regulated agreement” means a hire-purchase agreement or a conditional sale agreement which relates to the goods specified in the First Schedule, but does not include any agreement in which the hirer is engaged in the trade or business of selling goods of the same nature or description as the goods comprised in the agreement;

  Open s 2