§ 25-9-623. Right to redeem collateral.
131 words·~1 min read·
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§ 25-9-623. Right to redeem collateral.
(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 G.S. 25-9-615(a)(1).
(c)When redemption may occur. - A redemption may occur at any time before a secured party:
(1)Has collected collateral under G.S. 25-9-607;
(2)Has disposed of collateral or entered into a contract for its disposition under G.S. 25-9-610; or
(3)Has accepted collateral in full or partial satisfaction of the obligation it secures under G.S. 25-9-622. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)