12A:9-623 - Right to redeem collateral - New Jersey Statutes

12A:9-623  Right to redeem collateral.

12A: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 attorney's fees described in 12A: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 12A:9-607;

(2)has disposed of collateral or entered into a contract for its disposition under 12A:9-610; or

(3)has accepted collateral in full or partial satisfaction of the obligation it secures under 12A:9-622.

L.2001, c.117, s.1; amended 2001, c.386, s.112.