Right To Redeem Collateral

Sec. 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 attorneys' fees described in Section 9.615(a)(1). (c) A redemption may occur at any time before a secured party: (1) has collected collateral under Section 9.607; (2) has disposed of collateral or entered into a contract for its disposition under Section 9.610; or (3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9.622. Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.