2016 New Jersey Revised Statutes
Title 12a - Commercial Transactions
Section 12A:9-623 - Right To Redeem Collateral.
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.
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