Section 336.9-623 Right to Redeem Collateral - Minnesota Statutes

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:

2000 c 399 art 1 s 124