Section 55-9-623 - Right to redeem collateral. - New Mexico Statutes

55-9-623. 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 fees described in Paragraph (1) of Subsection (a) of Section 55-9-615 NMSA 1978.   

(c)     A redemption may occur at any time before a secured party:   

(1)     has collected collateral under Section 55-9-607 NMSA 1978;   

(2)     has disposed of collateral or entered into a contract for its disposition under Section 55-9-610 NMSA 1978; or   

(3)     has accepted collateral in full or partial satisfaction of the obligation it secures under Section 55-9-622 NMSA 1978.