Answer to Question #132390 in Law for LORY CHAN

Question

Jackson borrowed money from Stephanie, and promise a necklace with gold as
security. They agreed that Jackson was to pay the money borrowed with interest at the
end of one year. Is Jackson allowed to pay his debt and recover the necklace promise before
the expiration of the one-year period?

Answer 1

Yes! Jackson is permitted by the rule of law to pay his debt and recover the necklace promise before the year's expiration. This is because if the debtor desires to repossess the possessions, they may have numerous choices given that the property has not been sold. Typically, the debtor has a right to cure; this generally necessitates the debtor to pay the balance in full accompanied by any repossession charges. 

Some states in the Unlined States of America authorize the borrower to have their loan restored if they cure all debts and pay all recovery charges. Some states necessitate that the creditor notifies the borrower the first time they fail to pay on a contract that happens in one year. States may also necessitate the creditor to offer information to the debtor regarding their right to cure such failures to pay and how they can cure them.