12A:9-623 Right to redeem collateral. 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.
New Jersey Legal Code