9-623. Right to redeem collateral.

(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

(b) 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 9-615(a)(1).

(c) A redemption may occur at any time before a secured party:

(1) has collected collateral under section 9-607;

(2) has disposed of collateral or entered into a contract for its disposition under section 9-610; or

(3) has accepted collateral in full or partial satisfaction of the obligation it secures under section 9-622.

Source:Laws 1999, LB 550, ยง 198.

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