§9-1623. Right to redeem collateral
234 words·~1 min read·
/me/title-11-uniform-commercial-code/9-1623A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1). A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2). To redeem collateral, a person shall tender:
(a). Fulfillment of all obligations secured by the collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The reasonable expenses and attorney's fees described in section 9‑1615, subsection (1), paragraph
(a). [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3). A redemption may occur at any time before a secured party:
(a). Has collected collateral under section 9‑1607 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Has disposed of collateral or entered into a contract for its disposition under section 9‑1610 ; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9‑1622 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]