§ 25-9-623. Right to redeem collateral. - North Carolina Statutes

§25‑9‑623.  Right to redeem collateral.

(a)        Persons that mayredeem. – A debtor, any secondary obligor, or any other secured party orlienholder may redeem collateral.

(b)        Requirements forredemption. – To redeem collateral, a person shall tender:

(1)        Fulfillment of allobligations secured by the collateral; and

(2)        The reasonableexpenses and attorney's fees described in G.S. 25‑9‑615(a)(1).

(c)        When redemption mayoccur. – A redemption may occur at any time before a secured party:

(1)        Has collected collateralunder G.S. 25‑9‑607;

(2)        Has disposed ofcollateral or entered into a contract for its disposition under G.S. 25‑9‑610;or

(3)        Has acceptedcollateral in full or partial satisfaction of the obligation it secures underG.S. 25‑9‑622. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000‑169,s. 1.)