§ 9623. Right to redeem collateral.

167 words·~1 min read·/pa/title-13/chapter-96/9623

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 fees described in section 9615(a)(1) (relating to application of proceeds).

(c)When redemption may occur.-- A redemption may occur at any time before a secured party:

(1)has collected collateral under section 9607 (relating to collection and enforcement by secured party);

(2)has disposed of collateral or entered into a contract for its disposition under section 9610 (relating to disposition of collateral after default); or

(3)has accepted collateral in full or partial satisfaction of the obligation it secures under section 9622 (relating to effect of acceptance of collateral).

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Cross References. Section 9623 is referred to in sections 9602, 9614, 9624 of this title; section 6259 of Title 12 (Commerce and Trade).

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