SECTIONS 2903-2906 - California Statutes

CIVIL CODE

SECTION 2903-2906

2903. Every person, having an interest in property subject to a
lien, has a right to redeem it from the lien, at any time after the
claim is due, and before his right of redemption is foreclosed, and,
by such redemption, becomes subrogated to all the benefits of the
lien, as against all owners of other interests in the property,
except in so far as he was bound to make such redemption for their
benefit.

2904. One who has a lien inferior to another, upon the same
property, has a right:
1. To redeem the property in the same manner as its owner might,
from the superior lien; and,
2. To be subrogated to all the benefits of the superior lien, when
necessary for the protection of his interests, upon satisfying the
claim secured thereby.

2905. Redemption from a lien is made by performing, or offering to
perform, the act for the performance of which it is a security, and
paying, or offering to pay, the damages, if any, to which the holder
of the lien is entitled for delay.

2906. An option granted to a secured party by a debtor to acquire
an interest in real property collateral takes priority as of its
recording and is effective according to its terms if the right to
exercise the option is not dependent upon the occurrence of a default
with respect to the security agreement and, where the real property
which is the subject of the option is other than residential real
property containing four or fewer units, shall not be deemed invalid
or ineffective on the basis that the secured party has impaired the
debtor's equity of redemption in violation of common law or Section
2889. This section shall not be construed to make valid or effective
an otherwise unlawful option nor shall any inference be drawn from
this section as to the validity or application of common law with
respect to residential real property containing four or fewer units.