§ 8.9A-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 § 8.9A-615 (a) (1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) has collected collateral under § 8.9A-607;
(2) has disposed of collateral or entered into a contract for its disposition under § 8.9A-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under § 8.9A-622.
(1964, c. 219, § 8.9-506; 2000, c. 1007.)
Sections: Previous 8.9A-614 8.9A-615 8.9A-616 8.9A-617 8.9A-618 8.9A-619 8.9A-620 8.9A-621 8.9A-622 8.9A-623 8.9A-624 8.9A-625 8.9A-626 8.9A-627 8.9A-628 NextLast modified: April 3, 2009