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 paragraph (1) of subsection (a) of Section 1-9-615 of this title.
(c) A redemption may occur at any time before a secured party:
(1) has collected collateral under Section 1-9-607 of this title;
(2) has disposed of collateral or entered into a contract for its disposition under Section 1-9-610 of this title; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 1-9-622 of this title.
Added by Laws 2000, c. 371, § 130, eff. July 1, 2001.
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