• “(1A) A prescribed form does not include any notes stated to be not part of that form.”

“2 If you are the debtor, you may,—

• • “(a) unless you have otherwise agreed in writing after default, in accordance with section 132(1) of the Personal Property Securities Act 1999, redeem the collateral in accordance with section 132 of the Personal Property Securities Act 1999. Your right has priority over any other person's right to redeem the collateral; or

  • “(b) unless you have otherwise agreed, reinstate the security agreement under section 133 of the Personal Property Securities Act 1999. Any right of reinstatement is subject, unless you have otherwise agreed, to section 134 of the Personal Property Securities Act 1999.”

“Notes

“These notes are not part of the form.

• “1 The parties to a security agreement may contract out of certain provisions of the Personal Property Securities Act 1999. If this has occurred, this notice needs to be altered accordingly.

• “2 If the security interest is created or provided for by a mortgage over goods, then under section 114(4) of the Personal Property Securities Act 1999—

  • “(a) sections 128 to 136 of the Property Law Act 2007 apply; and

  • “(b) the notice of intention to sell collateral that is given under section 114(1) of the Personal Property Securities Act 1999 must be—

    • “(i) in the form prescribed by regulations made under the Property Law Act 2007 (instead of being in this form); and

    • “(ii) given to the persons referred to in sections 128 and 130 of the Property Law Act 2007 (instead of to the persons referred to in section 114(1) of the Personal Property Securities Act 1999).”

“Note

“This note is not part of the form.

“The parties to a security agreement may contract out of certain provisions of the Personal Property Securities Act 1999. If this has occurred, this notice needs to be altered accordingly.”