2011 Michigan Compiled Laws
Chapter 440 — UNIFORM COMMERCIAL CODE
Act 174 of 1962 — UNIFORM COMMERCIAL CODE (440.1101 - 440.11102)
174-1962-9 — ARTICLE 9 SECURED TRANSACTIONS (440.9101...440.9994)
174-1962-9-6 — PART 6 DEFAULT (440.9601...440.9628)
174-1962-9-6-1. — SUBPART 1. DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (440.9601...440.9624)
Section 440.9623 — Right to redeem collateral.

Sec. 9623.

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

(2) To redeem collateral, a person shall tender both of the following:

(a) Fulfillment of all obligations secured by the collateral.

(b) The reasonable expenses and attorney fees described in section 9615(1)(a).

(3) A redemption may occur at any time before a secured party has done 1 of the following:

(a) Has collected collateral under section 9607.

(b) Has disposed of collateral or entered into a contract for its disposition under section 9610.

(c) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9622.

History: Add. 2000, Act 348, Eff. July 1, 2001