2017 New Jersey Revised Statutes
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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