554.9623 Right to redeem collateral.
125 words·~1 min read·
/ia/chapter-554-uniform-commercial-code/554-9623A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
2. Requirements for redemption. To redeem collateral, a person shall tender:
a. fulfillment of all obligations secured by the collateral; and
b. the reasonable expenses and attorney’s fees described in section 554.9615, subsection 1, paragraph “a”.
3. When redemption may occur. A redemption may occur at any time before a secured party:
a. has collected collateral under section 554.9607;
b. has disposed of collateral or entered into a contract for its disposition under section 554.9610; or
c. has accepted collateral in full or partial satisfaction of the obligation it secures under section 554.9622.
2000 Acts, ch 1149, §121, 187
Referred to in §554.9602, 554.9614, 554.9624