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2018 Code of Alabama
Title 7 - COMMERCIAL CODE.
Article 9A - SECURED TRANSACTIONS.
Part 6 - DEFAULT.
Division 1 - Default and Enforcement of Security Interest.
Section 7-9A-623 - Right to redeem collateral.
Universal Citation: AL Code § 7-9A-623 (2018)
Section 7-9A-623Right 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 Section 7-9A-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 7-9A-607;
(2) has disposed of collateral or entered into a contract for its disposition under Section 7-9A-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 7-9A-622.
(Act 2001-481, p. 647, §1.)
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