Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) At any time before a secured party disposes of or retains collateral (whether or not under this Chapter), a person may reinstate the security agreement by:
(a) paying the following amounts:
(i) amounts in arrears (disregarding amounts in arrears as a result of an acceleration clause in the security agreement);
(ii) the amount of any expenses, in relation to the enforcement of the security interest, the payment of which is secured by the security interest; and
Note: Reasonable expenses in relation to the enforcement of a security interest are taken to be secured by a security interest unless the parties agree otherwise (see subsection 18(5)).
(b) remedying any other default as a result of which the secured party proposes to dispose of, or retain, the collateral.
(2) A security agreement may be reinstated only once during the period in which the security agreement is in force.