Bill of sale with power to seize, except in certain events, to be void

(1) Personal chattels assigned under a bill of sale shall not be liable to be seized or taken into possession by the grantee for any other than the following causes, namely, if the grantorvoid. (a) makes default in payment of the sum or sums of money thereby secured at the time therein provided for payment, or in the performance of any covenant or agreement contained in the bill of sale necessary for maintaining the security; or (b) becomes bankrupt or suffers the goods or any of them to be distrained for rent, rates or taxes; or (c) fraudulently either removes the goods, or suffers them or any of them to be removed, from the premises; or (d) does not, without reasonable excuse upon demand in writing by the grantee, produce to him his last receipts for rent, rates and taxes; or (e) has had execution levied against his goods under any judgment at law. (2) The grantor may within five days from the seizure or taking possession of any chattels on account of any of the causes specified in sub-section (1), apply to the Supreme Court, or to a judge thereof in chambers, and the court or judge, if satisfied that by payment of money or otherwise the cause of seizure no longer exists, may restrain the grantee from removing or selling the chattels, or may make any order that seems just.