Sec. 9.623. RIGHT TO REDEEM COLLATERAL. (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) To redeem collateral, a person shall tender:
(1) fulfillment of all obligations secured by the collateral; and
(2) the reasonable expenses and attorneys' fees described in Section 9.615(a)(1).
(c) A redemption may occur at any time before a secured party:
(1) has collected collateral under Section 9.607;
(2) has disposed of collateral or entered into a contract for its disposition under Section 9.610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9.622.
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.
Structure Texas Statutes
Title 1 - Uniform Commercial Code
Chapter 9 - Secured Transactions
Section 9.602. Waiver and Variance of Rights and Duties
Section 9.603. Agreement on Standards Concerning Rights and Duties
Section 9.604. Procedure if Security Agreement Covers Real Property or Fixtures
Section 9.605. Unknown Debtor or Secondary Obligor
Section 9.606. Time of Default for Agricultural Lien
Section 9.607. Collection and Enforcement by Secured Party
Section 9.609. Secured Party's Right to Take Possession After Default
Section 9.610. Disposition of Collateral After Default
Section 9.611. Notification Before Disposition of Collateral
Section 9.612. Timeliness of Notification Before Disposition of Collateral
Section 9.613. Contents and Form of Notification Before Disposition of Collateral: General
Section 9.615. Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus
Section 9.616. Explanation of Calculation of Surplus or Deficiency
Section 9.617. Rights of Transferee of Collateral
Section 9.618. Rights and Duties of Certain Secondary Obligors
Section 9.619. Transfer of Record or Legal Title
Section 9.621. Notification of Proposal to Accept Collateral
Section 9.622. Effect of Acceptance of Collateral
Section 9.623. Right to Redeem Collateral
Section 9.625. Remedies for Secured Party's Failure to Comply With Chapter
Section 9.626. Action in Which Deficiency or Surplus Is in Issue
Section 9.627. Determination of Whether Conduct Was Commercially Reasonable