§ 9-623. Right to redeem collateral

Latest version.

   (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

(b) To redeem collateral, a person shall tender:

   (1) Fulfillment of all obligations secured by the collateral; and

   (2) The reasonable expenses and attorney's fees described in § 9-615(a)(1).

(c) A redemption may occur at any time before a secured party:

   (1) Has collected collateral under § 9-607;

   (2) Has disposed of collateral or entered into a contract for its disposition under § 9-610; or

   (3) Has accepted collateral in full or partial satisfaction of the obligation it secures under § 9-622.

HISTORY: 1999, ch. 282, § 2.

                    
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