(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 7-9A-615(a) (1).
(c) When redemption may occur. A redemption may occur at any time before a secured party: (1) has collected collateral under Section 7-9A-607; (2) has disposed of collateral or entered into a contract for its disposition under Section 7-9A-610; or (3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 7-9A-622.
History: (Act 2001-481, p. 647, §1.)