New Jersey Statutes
§ 12A:9-623 — Right to redeem collateral.
New Jersey·Title 12A COMMERCIAL TRANSACTIONS
12A: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 12A: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 12A:9-607;
(2)has disposed of collateral or entered into a contract for its disposition under 12A:9-610; or (3) has accepted collateral in full or partial satisfaction of the obligation it secures under 12A:9-622. L.2001, c.117, s.1; amended 2001, c.386, s.112.
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Nearby Sections
15
§ 12A:9-101
Short title§ 12A:9-102
Definitions and index of definitions.§ 12A:9-104
Control of deposit account.§ 12A:9-105
Control of electronic chattel paper.§ 12A:9-106
Control of investment property.§ 12A:9-107
Control of letter-of-credit right§ 12A:9-108
Sufficiency of description.§ 12A:9-109
Scope.§ 12A:9-201
General effectiveness of security agreement.§ 12A:9-202
Title to collateral immaterial§ 12A:9-204
After-acquired property, future advances.