70A-9a-623 - Right to redeem collateral.
70A-9a-623. Right to redeem collateral.
(1) A debtor, any secondary obligor, or any other secured party or lienholder may redeemcollateral.
(2) To redeem collateral, a person shall tender:
(a) fulfillment of all obligations secured by the collateral; and
(b) the reasonable expenses and attorney's fees described in Subsection 70A-9a-615(1)(a).
(3) A redemption may occur at any time before a secured party:
(a) has collected collateral under Section 70A-9a-607;
(b) has disposed of collateral or entered into a contract for its disposition under Section70A-9a-610; or
(c) has accepted collateral in full or partial satisfaction of the obligation it secures underSection 70A-9a-622.
Enacted by Chapter 252, 2000 General Session