(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 § 6A-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 § 6A-9-607; (2) Has disposed of collateral or entered into a contract for its disposition under § 6A-9-610; or (3) Has accepted collateral in full or partial satisfaction of the obligation it secures under § 6A-9-622. History of Section.P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.
Rhode Island Legal Code