9-623 - Right to Redeem Collateral - New York Statutes

Section 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 Section 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 9--607; (2) has disposed of collateral or entered into a contract for its disposition under Section 9--610; or (3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9--622.