Section 400.9-623

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, see footnote   

  400.9-623.  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 attorney's fees described in section 400.9-615(a)(1).

  (c)  A redemption may occur at any time before a secured party:

  (1)  Has collected collateral under section 400.9-607;

  (2)  Has disposed of collateral or entered into a contract for its disposition under section 400.9-610; or

  (3)  Has accepted collateral in full or partial satisfaction of the obligation it secures under section 400.9-622.

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(L. 2001 S.B. 288)

Effective 7-01-01