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(1) The owner or seller shall not enforce any right to recover possession of protected goods from the hirer or buyer otherwise than by action.

(2) If the owner or seller recovers possession of protected goods in contravention of subsection (1), the agreement, if not previously terminated, shall be terminated, and

(a) the hirer or buyer shall be released from all liability under the agreement, and shall be entitled to recover from the owner or seller, in an action for money had and received, all sums paid by the hirer or buyer and any security given by him in respect thereof; and

(b) any guarantor shall be entitled to recover from the owner or seller, in an action for money had and received, all sums paid by him under the contract of guarantee or under any security given by him in respect thereof.

(3) Notwithstanding subsection (2) of this section, the court may, upon application by the hirer or buyer, make an order for the return of the goods to the hirer or buyer and for the re-scheduling of payments due under the agreement.

(4) "Protected goods" are goods in relation to which the following conditions are fulfilled-

(a) that the goods have been let under a hire-purchase agreement or sold under a conditional sale agreement;

(b) that one-half of the hire-purchase price or total purchase price has been paid (whether in pursuance of a judgment or otherwise) or tendered by or on behalf of the hirer or buyer or a guarantor; and

(c) that the hirer or buyer has not terminated the hire-purchase agreement or conditional sale agreement, or (in the case of a hire-purchase agreement) the bailment, by virtue of any right vested in him.