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 fees described in Paragraph (1) of Subsection (a) of Section 55-9-615 NMSA 1978. (c) A redemption may occur at any time before a secured party: (1) has collected collateral under Section 55-9-607 NMSA 1978; (2) has disposed of collateral or entered into a contract for its disposition under Section 55-9-610 NMSA 1978; or (3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 55-9-622 NMSA 1978. History: 1978 Comp., § 55-9-623, enacted by Laws 2001, ch. 139, § 120.