§ 6A-9-623 - Right to redeem collateral. - Rhode Island Statutes

SECTION 6A-9-623

   § 6A-9-623  Right to redeem collateral.– (a) Persons that may redeem. A debtor, any secondary obligor, or anyother 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§ 6A-9-615(a)(1).

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

   (1) Has collected collateral under § 6A-9-607;

   (2) Has disposed of collateral or entered into a contract forits disposition under § 6A-9-610; or

   (3) Has accepted collateral in full or partial satisfactionof the obligation it secures under § 6A-9-622.