§ 9-623. Right to redeem collateral.
112 words·~1 min read·
/de/title-6/chapter-9/9-623A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Persons that may redeem. — A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b)Requirements for redemption. — 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 Section 9-615(a)(1).
(c)When redemption may occur. — A redemption may occur at any time before a secured party:
(1)has collected collateral under Section 9-607;
(2)has disposed of collateral or entered into a contract for its disposition under Section 9-610; or
(3)has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9-622.