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

Alabama Statutes

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

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

(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.

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(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.

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