§ 7-9A-623 — Right to Redeem Collateral

Alabama § 7-9A-623

• Jurisdiction: Alabama
• Title 7: Commercial Code
• Art. 9A: Secured Transactions
• Div. 1: Default and Enforcement of Security Interest
• Part 6: Default

Text

(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 7-9A-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 7-9A-607;
(2) has disposed of collateral or entered into a contract for its disposition under Section 7-9A-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 7-9A-622.

Legislative History

(Act 2001-481, p. 647, §1.)