§ 336.9-623 — Right to Redeem Collateral
Plain-Language Summary
A debtor or other person can redeem collateral by paying the full amount of the secured obligation plus the secured party's reasonable costs, at any time before the secured party has disposed of the collateral or entered into a contract for its disposition.
336.9-623 RIGHT TO REDEEM COLLATERAL.
(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 attorneys fees described in section 336.9-615(a)(1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) has collected collateral under section 336.9-607;
(2) has disposed of collateral or entered into a contract for its disposition under section 336.9-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under section 336.9-622.
History:
History: History:
2000 c 399 art 1 s 124