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December 22, 2024 Clear | 15°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title XV REGULATION OF TRADE
  4. Chapter 106 UNIFORM COMMERCIAL CODE
  5. Article 9 SECURED TRANSACTIONS
  6. Section 9-623 Right to Redeem Collateral

Section 9-623

Section 9-623: Right to Redeem Collateral

Section 9–623. (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.