Personal Property Secured Transactions Act Article 18

A mortgagee that takes possession of the mortgaged property in accordance with paragraph 1 of the preceding article shall give three days advance notice to the debtor or third party.The notice of the preceding paragraph shall specify the reasons for taking possession of the mortgaged property, and may designate a deadline for contract performance. If the debtor has still failed to perform the contract by the deadline, the mortgagee may sell the mortgaged property in his possession and the debtor shall not claim redemption of the mortgaged property thereafter.When a mortgagee directly takes possession of the mortgaged property without giving the advance notice required by paragraph 1, then a debtor or a third party that performs the contract within a period of 10 days after the creditor takes possession, and bears the expenses incurred in taking possession, may redeem the mortgaged property; however, if there is a concern of perishment of the mortgaged property, significant depreciation in its value to the detriment of the mortgagee’s rights, or if the costs of its custody are excessive, the mortgagee may sell the property immediately after taking possession.