2013 Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS
11 §9-1623. Right to redeem collateral

Part 6: DEFAULT
Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST

9-1623. Right to redeem collateral

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

[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]

(2). To redeem collateral, a person shall tender:

(a). Fulfillment of all obligations secured by the collateral; and [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

(b). The reasonable expenses and attorney's fees described in section 9-1615, subsection (1), paragraph (a). [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]

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

(a). Has collected collateral under section 9-1607; [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

(b). Has disposed of collateral or entered into a contract for its disposition under section 9-1610; or [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

(c). Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9-1622. [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]

[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]

SECTION HISTORY

1999, c. 699, A2 (NEW). 1999, c. 699, A4 (AFF).