(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 36-9-615(a)(1).
(c) A redemption may occur at any time before a secured party:
(1) has collected collateral under Section 36-9-607;
(2) has disposed of collateral or entered into a contract for its disposition under Section 36-9-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 36-9-622.
HISTORY: 2001 Act No. 67, Section 12.
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