§ 9—623.

128 words·~1 min read·/vt/9-129

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 9—623. Right to redeem collateral

(a)A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

(b)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 subdivision 9—615(a)(1) of this title.

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

(1)has collected collateral under section 9—607 of this title;

(2)has disposed of collateral or entered into a contract for its disposition under section 9—610 of this title; or

(3)has accepted collateral in full or partial satisfaction of the obligation it secures under section 9—622 of this title. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)