70A-9a-623. Right to redeem collateral.

115 words·~1 min read·/ut/title-70a/chapter-9a/70a-9a-623·

A 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.

(2)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 Subsection 70A-9a-615(1)(a) .

(3)A redemption may occur at any time before a secured party:

(a)has collected collateral under Section 70A-9a-607 ;

(b)has disposed of collateral or entered into a contract for its disposition under Section 70A-9a-610 ; or

(c)has accepted collateral in full or partial satisfaction of the obligation it secures under Section 70A-9a-622 .

Enacted by Chapter 252 , 2000 General Session