Right of redemption

(1) Subject to this section, a chargor, on payment of all money due and owing under the charge at the time of payment or on fulfilment of any condition secured thereby and on payment of any costs or expenses properly incurred by the chargee in exercising any power conferred on him by section 75, may redeem the charged land or lease or charge at any time before it has been sold under section 78, and any agreement or provision which purports to deprive the chargor of this right of redemption shall be void; and, for the purposes of this sub- section, a lease or a charge shall be deemed to have been sold when a bid has been accepted at the auction sale. (2) Where the chargor wishes to redeem the charged land or lease or charge before the date for repayment specified in the charge, he shall be entitled to do so on payment to the chargee, of all money due or owing under the charge at the date of (3) Where no date for redemption is specified in the charge or where the chargor seeks to redeem the charged land or lease or charge after the date specified in the charge, he shall give the chargee three months’ notice of his intention to redeem the charged land or lease or charge or shall pay him three months’ interest in lieu thereof. (4) If at any time the chargor is entitled and desires to repay the money secured by the charge, and the chargee is not in Belize or cannot be found, or the Registrar is satisfied that the charge cannot be discharged otherwise, the chargor may deposit the amount due with the Registrar in trust for the person entitled thereto, and thereupon the obligations of the chargor under the charge shall cease, and the Registrar shall cancel the registration of the charge and shall pay the amount deposited to the chargee if the chargee applies for it within six years of the date of deposit, and if the amount is not so paid it shall be paid into the Public Treasury and shall be appropriated to the Consolidated Revenue Fund. (5) Prior to cancellation of the registration under sub-section (4), the Registrar may require that the chargor shall publish, in at least three issues at intervals of one month of the Gazette and a newspaper, a notice of his intention to redeem the charge.