(810 ILCS 5/9-623)
Sec. 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 Section 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 Section 9-607;
(2) has disposed of collateral or entered into a
contract for its disposition under Section 9-610; or
(3) has accepted collateral in full or partial
satisfaction of the obligation it secures under Section 9-622.
(Source: P.A. 91-893, eff. 7-1-01.)
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Last modified: February 18, 2015