(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.)
Sections: Previous 25-9-616 25-9-617 25-9-618 25-9-619 25-9-620 25-9-621 25-9-622 25-9-623 25-9-624 25-9-625 25-9-626 25-9-627 25-9-628 25-9-701 25-9-702 Next
Last modified: March 23, 2014