Distress levied on goods and chattels in bill of sale, etc

(1) All goods and chattels which were formerly comprised in any bill of sale given in security for the payment of money or in any hire-purchase agreement and remaining upon the tenement shall be liable to be seized and taken as a distress for rent reserved and in arrear, notwithstanding that the goods have been seized by the assignee under the bill of sale or the hire-purchase agreement has been terminated by the hire- owner, subject to the following conditions, (a) that the value of the interest of the assignor in the goods and chattels prior to the seizure 37 thereof, or the amount paid by the hire- purchaser under the hire- purchase agreement prior to the seizure thereof, or the amount paid by the hire-purchaser under the hire- purchase agreement prior to the termination thereof was at least double the amount of the rent for which the distraint is made; or (b) that the landlord pays the balance of money due to the assignee under the bill of sale before the seizure of the goods and chattels, or the amount due to the hire- owner under the hire-purchase agreement before the termination thereof. (2) Where a distress has been levied on any such goods and chattels subject to subsection (1)(a) of this section and the goods and chattels have afterwards been sold pursuant thereto, the assignee or the hire-owner, as the case may be, shall be entitled to receive any surplus proceeds from the sale thereof. (3) Where a distress has been levied on such goods and chattels subject to subsection (1)(b) of this section and the goods and chattels have afterwards been sold pursuant thereto, the hire-purchaser or the assignor, as the case may be, shall be entitled to receive any surplus proceeds from the sale after the landlord has recovered all rents due and expenses and the balance of money paid to the assignee or the hire-owner under subsection (1)(b) of this section. (4) Every assignee under a bill of sale or hire-owner under a hire-purchase agreement shall, in relation to all goods and chattels formerly comprised in such bill of sale or hire- purchase agreement and distrained on upon a tenement, serve on the landlord who takes any such goods and chattels as a distress a statement showing the details of the account between the assignor and the assignee or the hire-purchaser and the hire- owner, and if any assignee or hire-owner makes any such statement knowing it to be untrue in any material particular, he 38 commits an offence and upon conviction thereof under the Summary Jurisdiction(Offences) Act, Cap. 98 and Summary Jurisdiction (Procedure) Act, Cap. 99, shall be liable to a fine not exceeding one hundred and twenty dollars or to imprisonment for a term not exceeding three months. (5) If, in relation to any goods and chattels which were formerly comprised in a bill of sale or hire-purchase agreement and distrained on whilst upon the tenement for rent reserved and due, none of the conditions of subsections (1)(a) and (b) of this section has been fulfilled, the assignee or the hire-owner, as the case may be, may apply to a magistrate for an order that the goods be delivered up to him.