§ 6A-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 § 6A-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 § 6A-9-607;
(2) Has disposed of collateral or entered into a contract for its disposition under § 6A-9-610; or
(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under § 6A-9-622.
History of Section.P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-9 - Secured Transactions
Subpart 1 - Default and Enforcement of Security Interest
Section 6A-9-602. - Waiver and variance of rights and duties.
Section 6A-9-603. - Agreement on standards concerning rights and duties.
Section 6A-9-604. - Procedure if security agreement covers real property or fixtures.
Section 6A-9-605. - Unknown debtor or secondary obligor.
Section 6A-9-606. - Time of default for agricultural lien.
Section 6A-9-607. - Collection and enforcement by secured party.
Section 6A-9-609. - Secured party’s right to take possession after default.
Section 6A-9-610. - Disposition of collateral after default.
Section 6A-9-611. - Notification before disposition of collateral.
Section 6A-9-612. - Timeliness of notification before disposition of collateral.
Section 6A-9-613. - Contents and form of notification before disposition of collateral — General.
Section 6A-9-615.1. - Security interests — Cross collateral.
Section 6A-9-616. - Explanation of calculation of surplus or deficiency.
Section 6A-9-617. - Rights of transferee of collateral.
Section 6A-9-618. - Rights and duties of certain secondary obligors.
Section 6A-9-619. - Transfer of record or legal title.
Section 6A-9-621. - Notification of proposal to accept collateral.
Section 6A-9-622. - Effect of acceptance of collateral.