TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 9

SECURED TRANSACTIONS

PART 6.

DEFAULT

28-9-623.  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 section 28-9-615(a)(1).

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

(1)  Has collected collateral under section 28-9-607;

(2)  Has disposed of collateral or entered into a contract for its disposition under section 28-9-610; or

(3)  Has accepted collateral in full or partial satisfaction of the obligation it secures under section 28-9-622.

History:

[28-9-623, added 2001, ch. 208, sec. 2, p. 794.]