Sec. 9-623. Right to redeem collateral.

115 words·~1 min read·/il/chapter-810/act-5/9-623

A 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.