Maine Revised Statutes
Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST
11 §9-1623. Right to redeem collateral

§9-1623. Right to redeem collateral
(1).  A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral.  
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 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   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The reasonable expenses and attorney's fees described in section 9-1615, subsection (1), paragraph (a).   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 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;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 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   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 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.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).

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