N.Y. Uniform Commercial Code Law § 9-623 : Uniform Commercial Code — Secured Transactions — Right to Redeem Collateral

  • Date:

Current through 2016 New York Laws, Chapters 1 to 237

(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 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 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.
N.Y. U.c.c. Law § 9-623
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